A recent article in The Telegraph highlighted the importance of seeking professional advice when preparing a Will, and of keeping your Will up to date.
In the article, one family told how they have effectively lost their inheritance to a “secret toyboy” lover, who made a successful claim against the Will of their late mother in Birmingham County Court in October.
Mrs Hall’s Will was written in 2001 and, according to Jeff Epton, 67, her son-in-law, she had left two-thirds of her estate to her daughter and the rest to her granddaughter. The value of the estate stood at about £280,000 including property.
However, the court found that the Will did not make a reasonable financial provision for Mr Brader, Mrs Hall’s romantic partner, who was some 20 years her junior. While the Eptons would inherit the property and the remaining £80,000 or so in other assets, the court ruled that Mr Brader should be granted a rent-free lifetime tenancy in the bungalow, where he had lived with Mrs Hall.
To avoid challenges to your Will, it is vital that you keep it up to date and ensure it reflects your current circumstances. Wills should be reviewed every three years or sooner if your circumstances change. Leaving your Will unchanged for many years leaves it more open to challenge on your death.
If you begin cohabiting with a partner, consider whether any provision should be made for them in your Will. It is also advisable to make a cohabitation agreement. This sets out who is responsible for the bills, any debts, the share of the equity in the property and finances. Such agreements ensure you are both on the same page and avoid disputes in the future.
You should also update your Will to account for other life events, such as separation, divorce or the birth of a new child in the family.
Redwood Financial is one of the souths leading Wills, Trusts & Estate Planning providers and we are dedicated to helping families to Grow, Protect and Enjoy their wealth. With our unrivalled knowledge of estate administration, we can advise on any situation. Come along to one of our FREE Public Seminars on Wills, Trusts & Estate Planning. We are currently taking bookings for 2019! Book online at Book Me A Place!: call us at 01489877 547 or Email info@redwoodfinancial.co.uk.
