Take Time to Update Your Will
Having a will in place is very important, but it is equally important that you ensure your will remains up to date.
Most people are unaware that if you gift a specific item to someone in your will and no longer own that item at the date of your death, then the gift fails. This could be something as small as a piece of jewellery or as large as your house.
We often see situations where a persons’ wishes change but they die or lose mental capacity before they can update their will, which means that their estate ends up passing to the wrong person. Recently we have been involved with a situation where a gentleman gifted his property to someone specific in the will. The property ended up being sold to pay for care home fees during his lifetime and the gentleman sadly lost capacity and then died before he was able to update the will. This meant that the sale proceeds of the property passed to someone else and the person who was supposed to receive the house will now receive nothing.
We recommend that you review your will every 3 to 5 years and after every life event, for example if you get married, divorced or if one of your beneficiaries die. If you do not have a will, or would like to review your existing will, then please get in touch with a member of the Frodshams Solicitors Private Client Team.
At Frodshams solicitors we understand that all clients are unique with differing needs. That is why we take the time to listen and understand before we act. Knowing our clients is central to our ethos, and this means we bring compassion, care, understanding and the legal expertise needed to enable you to reach your personal, family and financial goals. So, whether you need a helping hand when life is difficult or are buying a new home and need conveyancing support you know that you can rely upon us to provide legal excellence delivered with care.