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Review and update your Will – Ensure your wishes are implemented!

Paystream News

David McManus

Tuesday 23rd May, 2017

Many people think that once they've had a Will drawn up then that's it. However people's circumstances change and there can be instances in which it is important for an individual to revisit their original intentions to see if they are still relevant.

A review is worth carrying out if there has been:

  • a birth or a death;
  • a marriage or a divorce;
  • a move abroad;
  • significant change in the value of your estate;
  • a new business or the disposal of a previous business;
  • a retirement;
  • or a relevant change in tax law.

If you own a business do you have the right share structure in place to ensure that the business can be effectively managed going forwards; that your family can continue its ownership or sell it on?

If the value of your assets makes it likely that your estate may have to pay Inheritance Tax consider taking advice as to the ways in which the 40% charge on assets over the £325,000 allowance can be mitigated.