Most people create several wills over their lifetimes often as their circumstances change. For example; when they first buy a property, when they have children, if they start a business, as they reach retirement age, if they inherit assets from another relative or person or on the death of the first spouse or partner. This is usually as their responsibilities change, their tax position needs reviewing or they wish to set up a trust.
We can asset with this process by reviewing your situation and your will to see if it needs updating. When checking your will, we will perform the following steps to ensure its legality, effectiveness, and compliance:
- Initial Review: A thorough reading of the entire document to understand its purpose, structure, and key provisions.
- Compliance Check: Verify that the document complies with relevant laws and regulations in the specified jurisdiction.
- Clarity and Language: Ensure the language used is clear, precise, and unambiguous. Identify any vague or confusing terms.
- Consistency: Check for consistency throughout the document. Ensure that terms are used uniformly and provisions do not contradict each other.
- Key Provisions: Review critical sections such as definitions, responsibilities, rights, obligations, and termination clauses to ensure they are comprehensive and appropriate.
- Legal Requirements: Confirm that all required legal elements are present (e.g., signatures, notary requirements, witness statements).
- Risk Assessment: Identify any potential risks or legal issues that could arise from the document’s terms.
- Goal Alignment: Ensure that the document effectively meets your intended goals (e.g., asset protection, estate planning, business arrangements).
- Recommendations: Provide suggestions for any necessary revisions, additions, or removals to enhance the document’s effectiveness and compliance.
A will review aims comprehensively examine your will and your situation and make suggestions as to how your will may be adjusted. If you have a specific will concerns you would like us to examine please tell us.
Contact Linley James Solicitors on 0207 060 1210 to find out more about how we can conduct your will review for you.