When should I update my Will
If your Will is no longer accurate or up to date this could cause real problems, adding unnecessary worry and stress to your loved ones when you die. It could even leave them without the means to cope financially or, worse still, nothing at all.
Your Will should be kept under regular review so that it reflects your financial and personal circumstances. We suggest contacting a specialist Wills & Probate Solicitor to review your Will around every 5 – 7 years, or earlier if your circumstances change.
You should revisit your Will after any significant life events, such as a marriage/civil partnership, a birth, a death, a divorce or a relationship breakdown, to ensure you have included the people that you would like to inherit from your estate.
Five reasons to update your Will
Marriage, separation and divorce – It is very important to remember that marriage completely revokes your Will, while divorce revokes only those clauses relating to your spouse. So, if you are about to marry or enter into a civil partnership, you should make a new Will. If you have separated from your spouse, consider updating your Will because if you die before your divorce is finalised, any existing clauses benefiting your spouse will remain valid;
Births and deaths – You naturally want to protect your children as far as possible including providing for them after your death. You may have named children as beneficiaries in your current Will, however this will not automatically include further children. You should therefore update your Will where necessary. You may also want to consider appointing a suitable legal guardian for your children in case you die before they reach 18;
Tax mitigation – Inheritance tax advice can be provided to ensure you receive all the relevant information before deciding what type of Will suits your circumstances and wishes
Financial windfalls – If you receive a large inheritance, redundancy payout, or you are lucky enough to win the lottery, you should consider updating your Will. We could discuss with you whether making cash gifts to your loved ones or to your favourite charities to reduce the size of your estate is a good option for you or not.
Health problem – Our health can deteriorate at any point in our lives. If you become terminally ill or you are seriously injured in an accident and you know your prognosis is poor, making or reviewing your Will can give you peace of mind.
Should I just make a new Will?
For significant changes to your circumstances, we recommend that a new Will is written for you instead of using codicils. Writing a new Will is easier to administer when you die, and it is tidier having one document stating your wishes.