An unidentified member of the Dorset community has won the EuroMillions this month… and has yet to claim their prize!
Whether you’d buy an £88m mansion next door to Jay-Z and Beyoncé, go yacht shopping or give it all away to charity, I don’t know anyone that doesn’t like to speculate about winning the lottery.
However, there’s often a simple but crucial step missing from many people’s millionaire action plan….
Boring as it may sound in comparison to a wild spending spree, updating your will is one of the most important things to do when your circumstances change.
A will can only consider your current circumstances, and whilst most of us aren’t going to win the EuroMillions, it’s possible you could receive a nice Christmas bonus, inheritance or even grow a healthy pension or savings account.
Other factors that could impact your current will are a growing family such as children or grandchildren, and changes to tax rules which could impact your future.
If you have yet to make a will, or made one a while ago, consider the following:
Is your will IHT (Inheritance Tax) efficient following recent government changes?
Have you family circumstances changed?
Are your executors (the person you have nominated to manage your will when you die) still living or able to act as executor if the time comes?