Why review your will
March 3 to March 9 marks Update Your Will Week, a timely reminder to create a Will if you haven’t already done so.
However, writing a Will is just the first step – reviewing it regularly is equally as important.
We recommend reviewing your Will every few years to ensure it remains up to date and reflects your current wishes, financial situation and legal circumstances.
Here are some key reasons why regular Will reviews are important:
Life changes
Updating your Will may feel like a chore. However, delaying a review of your Will could lead to unintended consequences.
For example, your Will may fail to mention a new important addition to your family, potentially triggering a dispute between your beneficiaries further down the line,
Financial changes
People’s assets change over time. Perhaps you have inherited significant sums from a relative who has passed away. Or your salary may have significantly increased, or you have paid off your mortgage or sold your business.
It’s worth considering every few years whether any changes to your financial circumstances mean that your Will should be structured differently.
Changes in the law
Tax and succession law change from time to time. Last Autumn’s Budget brought about major changes in Inheritance Tax (IHT) relief. It’s wise to see if these affect you and, if they do, to gain expert advice on how your Will should be drafted. By doing so, you will increase how much your family receives from your estate.
Changing relationships
Your relationships may shift over the years. There will be friends and relations who no longer feature in your life with new ones with whom you have formed strong bonds.
Equally some beneficiaries may have passed away and some new ones may be born. You might wish to vary who gets a precious family heirloom or a share in the proceeds of a house sale.
Marital status changes
Your marital status could have changed since writing your Will. You could be widowed, divorced, or have married or re-married. If you have married after having made a Will, your Will is revoked, unless you referred to the contemplation of that marriage in the Will.
Increasingly, many couples cohabit, rather than marry, so it’s equally important to ensure an unmarried partner is included in the Will to avoid your estate being subject to the rules of intestacy.
A Will that doesn’t reflect your correct marital status risks causing confusion and disputes among your beneficiaries.
Updating Executors and Trustees as Circumstances Change
Choosing a trustworthy person to manage your estate is essential. While you may have carefully selected executors when you first wrote your Will, circumstances can change. For instance, you might have originally appointed a parent, but as time goes on, they may no longer be able to fulfil the role.
If you don’t name replacements, your estate could be left without executors, potentially leading to someone managing it whom you wouldn’t have chosen. Likewise, if you’ve appointed trustees in your Will, their suitability may change over time due to factors such as age, capacity, or changes in your relationship with them.
Check details
The names and addresses of your beneficiaries may no longer be current. Although this doesn’t merit changing your Will, it is sensible to update such details when you are reviewing it.
Get in touch
We can help you review your Will to avoid unintended consequences and reduce tax liabilities that may arise if you do this yourself. We offer free Will review meetings for our clients every five years.
