Whilst it is important for everyone to have a Will, ensuring that your Will is kept up to date with your current circumstances is of equal significance.
Many people think once they have made a Will there is no need to look at it ever again, often pushing it to the back of their mind. However, these are a few reasons why regularly reviewing your will is essential:
- If you get married or enter into a civil partnership your Will is automatically cancelled.
- If you become divorced or have your marriage or civil partnership annulled in most cases any gift to your former spouse/civil partner or any appointment of them as an Executor will fail.
- If you have disposed of an asset such as a house, which is specifically referred to in your Will the gift will fail. This could mean that the people you want to receive the majority of your Estate will actually receive nothing.
- If you have received a windfall you may wish to consider giving some money to people who weren’t mentioned in your current Will. The money you have received may also affect your Inheritance Tax liability. Your solicitor will be able to advise you on the most tax efficient way of distributing your estate.
- If you have had a new addition to the family or a bereavement this may change the distribution of your Estate or your wishes may change in light of your new circumstances.
- Law’s relating to Wills and Inheritance Tax do change and it is important to ensure that your Will is appropriate in light of the current laws.
- People’s wishes often simply change over the course of time and so your Will may no longer reflect your current wishes.
This list is not exhaustive and you should consider reviewing your Will if your circumstances change at all. Even if there has not been a change in your circumstances you should review your Will at least every five years to take account of any change in the law.
For further advice please don’t hesitate to contact a Farleys solicitor who specialises in Wills, Probates & Trusts on 0845 050 1958 or alternatively you can email us.