Source: HM Revenue & Customs | 04/04/18
We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to ensure that you do not die intestate (without a will) where the intestacy rules will decide how your estate is distributed.
HMRC’s guidance on making a will makes an important recommendation that you should review your will every 5 years and after any major change in your life, such as:
In order to make a minor change to your will you must make an official alteration called a codicil. This change must be witnessed in the same way as witnessing an original will. There are no limits on how many codicils you can add to a will.
However, if the changes are significant, we would recommend making a new will. The new will should also explain that it revokes (officially cancels) all previous wills and codicils. Any and all copies of previous wills should then be destroyed.
We would strongly recommend checking any current wills to ensure that your assets are divided amongst family, friends and charities in accordance with your wishes.
With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!
Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.
Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest: