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Your Will, your legacy: What are the key points to consider when I am updating my will?

1 January 2021 | 2 minute watch

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Your Will, your legacy: What are the key points to consider when I am updating my will?
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Your Will, your legacy: What are the key points to consider when I am updating my will?

Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.

If you are considering preparing a new will, it may be that a significant life event has recently occurred. For example, a marriage or divorce, a birth, the purchase of a new home, a death, or a change in your financial circumstances. It is important to have an overview of all of your assets, as well as identifying those who you wish to benefit and how. If there are any children, it is also important to consider the value and complexity of your estate, and whether it is appropriate for minors to receive assets outright at 18. It is important to also think about those who might expect to benefit under your will. You ought to identify not only those you trust to administer your estate, your executors, but those who can act as a guardian or guardians for any minor children you may have. Every person's assets, objectives, and family dynamics are different. And so advice should be sought at an early stage to best achieve your wishes. Finally, it is crucial that advice is sought. If, for any reason, the testator's wishes under a valid will may be challenged, for example, because provision has not been made for close relations or family dependents.

If you are thinking about updating your will, it may be that a significant life event has recently occurred, such as a marriage or divorce, a birth, purchase of a new home, a death, or a change in your financial circumstances (including the acquisition of an asset abroad). When preparing your new will, it is important to have an overview of all of your assets, as well as considering who you would like to benefit after your death and how. If there are young children, it is important to consider the age when they inherit, particularly where in light of the value or complexity of the assets it may not be appropriate for them to receive the assets outright at 18. You should also consider those who you think might expect to benefit, as a Will can be challenged where reasonable provision is not made for certain close relations or dependants. When updating your will, you should identify not only who you would trust to administer your estate (your ‘executors’) but for many, it will also be crucial to identify who you would wish to act as the guardian of any minor children you may have. Each persons’ assets, objectives and family dynamics are different, so you should take advice at an early stage to understand how best to achieve your wishes.

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Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.

If you are considering preparing a new will, it may be that a significant life event has recently occurred. For example, a marriage or divorce, a birth, the purchase of a new home, a death, or a change in your financial circumstances. It is important to have an overview of all of your assets, as well as identifying those who you wish to benefit and how. If there are any children, it is also important to consider the value and complexity of your estate, and whether it is appropriate for minors to receive assets outright at 18. It is important to also think about those who might expect to benefit under your will. You ought to identify not only those you trust to administer your estate, your executors, but those who can act as a guardian or guardians for any minor children you may have. Every person's assets, objectives, and family dynamics are different. And so advice should be sought at an early stage to best achieve your wishes. Finally, it is crucial that advice is sought. If, for any reason, the testator's wishes under a valid will may be challenged, for example, because provision has not been made for close relations or family dependents.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

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