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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