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The problem with out of date Wills

Why it pays to keep up to date

You should always make sure that your Will is updated whenever your family circumstances change – if you are subsequently divorced, have more children or sell your home, for example.

In addition, it is always a good idea, if you think that your Estate will be subject to Inheritance Tax (currently set above £325,000), to state which assets should be used to pay the tax bill.  Otherwise, your next of kin could be left with having to find thousands of pounds.

If you are the child of a parent who has left a Will which is woefully out of date, you can take steps to ensure the distribution of the Estate makes more sense.  All beneficiaries mentioned should, within two years of the person’s death, agree to take part in a Deed of Variation of the Will, which will then allow you to distribute the Estate in the manner to which you are all agreeable.

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