The Holiday Season: A Good Time to Review Your Will – Especially if the Whole Family is travelling together

For many families, the holiday season is a time to relax, spend quality time together and enjoy a well-earned break. Whether travelling abroad for a summer holiday, heading off on a winter getaway, or embarking on a special family adventure, it is often one of the few times of year when the entire family is travelling together.

While no one likes to think about worst-case scenarios when planning a holiday, the reality is that accidents can happen. This makes the holiday season an ideal time to review your estate planning arrangements and ensure that your Will accurately reflects your wishes.

Why Travelling Together Raises Important Estate Planning Questions

When family members travel together, there is an increased risk that a single unforeseen event could affect multiple generations at once. Parents may assume that their assets will automatically pass to their children, but without a valid Will in place, the distribution of an estate will be determined by the rules of intestacy.

These rules may not reflect an individual's wishes and can create additional stress and uncertainty for surviving family members at an already difficult time.

For parents of young children, a Will is particularly important because it allows them to appoint guardians who would be responsible for caring for their children if both parents were to die before the children reach adulthood.

Has Your Will Kept Pace With Your Life?

Many people make a Will and then rarely think about it again. However, significant life events can mean that an existing Will no longer reflects current circumstances.

It may be time to review your Will if you have:

• Married or entered into a civil partnership;
• Divorced or separated;
• Had children or grandchildren;
• Purchased property;
• Started or sold a business;
• Received an inheritance; or
• Experienced changes in your financial circumstances.

A regular review helps ensure that your estate will be distributed according to your wishes and that your loved ones are properly protected.

Consider Lasting Powers of Attorney

A holiday can also serve as a useful reminder to consider putting Lasting Powers of Attorney (LPAs) in place.

While a Will deals with what happens after death, an LPA allows trusted individuals to make decisions on your behalf if you lose the capacity to do so yourself. This can cover both financial matters and health and welfare decisions.

Without an LPA, family members may face a lengthy and costly process to obtain authority to act on your behalf.

Peace of Mind for You and Your Family

Reviewing your Will is not about expecting the worst; it is about ensuring that your affairs are in order and that your loved ones are protected should the unexpected occur.

Before setting off on your next family holiday, taking the time to review your Will and wider estate planning arrangements can provide valuable peace of mind. Knowing that your wishes are clearly documented allows you to focus on what matters most – enjoying time with your family.

If you would like advice on making a Will, updating an existing Will, or putting Lasting Powers of Attorney in place, our private client team would be happy to help.