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    December 22, 2019
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PROMOTION New Year, New Will? Key reasons to review your Will arrangement and this should also be reviewed with your Will. You can always change your wishes at any time by completing a new form. Recipients can be persons or entities such as a charity or a trust and you can sthe dust settles after the you may have in place, so it's important Christmas and New Year that once the vows are made and the celebrations, the start of the confetti is thrown, you should make an appointment to discuss your Will. A New Year is also a good time to reflect on the changes in our life and to plan ahead for the future. So, should this include updating your Will? Here we give key reasons why you might want to BUSINESS CHANGES Making changes to your business ahead of Brexit? Holding surplus cash just in case? Changes to your business can affect the reliefs that may be available name multiple beneficiaries to share the funds. It's always advisable to name primary and secondary beneficiaries and to avoid naming minor chikdren book an appointment to do this now. ADDITIONS TO THE FAMILY for inheritance tax purposes. Review as beneficiaries. your Will to make sure it correctly makes the best use of any reliefs that may be available. Whatever 2020 brings, simply by reviewing your Will you can be sure you Whether you are having a child yourself, or another grandchikd, any additions to your close family should trigger a review of your have done your best to plan and organise Will to check whether you have included them or not. Anew baby might also prompt a review of your choice of legalguardians, to make sure your children will be properly looked after if something happens to you. as best you can for the future. LIFETIME GIFTS You might prefer to pass on an asset during your lifetime rather than via your Will. Almost any asset you own can legally be given away by its transfer to the intended new owner. Cash and DIVORCE AND SEPARATION Christmas may be the happiest time of the year, but family lawyers know it doubles the divorce rate, If you are getting separated or getting divorced, you should think about how your Will is drafted. possessions can simply be handed over. Gifts of assets like shares or other investments or properties must always involve the signature and registration of legal transfer documents. Remember to take tax advice from a specialist in inheritance tax and capital gains tax before giving away property, business assets or any kind of investment to avold unwanted tax bills arriving unexpectedly. Finally, alongside your Will you may also have an Expression of Wishes form to cover all your assets in pensions, life policies, superannuation schemes, death in service benefits and any other trust Financial arrangements on divorce can include inheritance provision so they may need to be included in your Will, Or ifit is your chikd who is getting divorced, you Sarah Mannooch is a Solicitor at Kreston Reeves sarah.mannoochekrestonreeves.com www.krestonreeves.com might want to remove any provisions for, or gifts to, their ex. 0330 124 1300. MARRIAGE KRESTON REEVES Did you get engaged over Christmast Remember going forwards that getting married invalidates any previous Wills Kreston Reeves has offices across Kent, London and Sussex PROMOTION New Year, New Will? Key reasons to review your Will arrangement and this should also be reviewed with your Will. You can always change your wishes at any time by completing a new form. Recipients can be persons or entities such as a charity or a trust and you can sthe dust settles after the you may have in place, so it's important Christmas and New Year that once the vows are made and the celebrations, the start of the confetti is thrown, you should make an appointment to discuss your Will. A New Year is also a good time to reflect on the changes in our life and to plan ahead for the future. So, should this include updating your Will? Here we give key reasons why you might want to BUSINESS CHANGES Making changes to your business ahead of Brexit? Holding surplus cash just in case? Changes to your business can affect the reliefs that may be available name multiple beneficiaries to share the funds. It's always advisable to name primary and secondary beneficiaries and to avoid naming minor chikdren book an appointment to do this now. ADDITIONS TO THE FAMILY for inheritance tax purposes. Review as beneficiaries. your Will to make sure it correctly makes the best use of any reliefs that may be available. Whatever 2020 brings, simply by reviewing your Will you can be sure you Whether you are having a child yourself, or another grandchikd, any additions to your close family should trigger a review of your have done your best to plan and organise Will to check whether you have included them or not. Anew baby might also prompt a review of your choice of legalguardians, to make sure your children will be properly looked after if something happens to you. as best you can for the future. LIFETIME GIFTS You might prefer to pass on an asset during your lifetime rather than via your Will. Almost any asset you own can legally be given away by its transfer to the intended new owner. Cash and DIVORCE AND SEPARATION Christmas may be the happiest time of the year, but family lawyers know it doubles the divorce rate, If you are getting separated or getting divorced, you should think about how your Will is drafted. possessions can simply be handed over. Gifts of assets like shares or other investments or properties must always involve the signature and registration of legal transfer documents. Remember to take tax advice from a specialist in inheritance tax and capital gains tax before giving away property, business assets or any kind of investment to avold unwanted tax bills arriving unexpectedly. Finally, alongside your Will you may also have an Expression of Wishes form to cover all your assets in pensions, life policies, superannuation schemes, death in service benefits and any other trust Financial arrangements on divorce can include inheritance provision so they may need to be included in your Will, Or ifit is your chikd who is getting divorced, you Sarah Mannooch is a Solicitor at Kreston Reeves sarah.mannoochekrestonreeves.com www.krestonreeves.com might want to remove any provisions for, or gifts to, their ex. 0330 124 1300. MARRIAGE KRESTON REEVES Did you get engaged over Christmast Remember going forwards that getting married invalidates any previous Wills Kreston Reeves has offices across Kent, London and Sussex