Following last week’s post, there were some enquiries in relation to whether the Bamford decision meant that wills should be updated.
Very broadly, the position in relation to will updates post Bamford is similar to discretionary trust deed updates, namely:
1) All wills should at least be reviewed (to the extent that they contain ongoing trust provisions).
2) Our experience is that many wills probably are going to require update. The reason for this is that traditionally wills have been crafted by specialist will lawyers, as opposed to tax specialists.
3) The significant (and very obvious) difference between trust provisions in a standard family discretionary trust and under a will, is that (in comparison) the amending of a will becomes extremely difficult following the death of the will maker.
4) While there can be pathways to achieve an amendment after death, almost without exception it is preferable to have the will document fully in order before it comes into force.
Until next week.
