When did you last review your Will?
Making a Will is often on peoples to-do list. Unfortunately, all too often people make their Will and then forget all about it, not reviewing it as time goes by and circumstances change.
Lauren Smith, Partner and Joint Head of Wills, Trusts and Probate says:
"Wills should constantly be under review. I personally would recommend that clients check their copy of their Will at least every year or two, just to check it’s as it should be. If it is, then they can forget about it for another year, but if not they can take actions to amend what needs amending and have peace of mind in knowing their affairs are in order"
Many things can change over the years which may impact upon your Will – some of which could mean that the Will is no longer valid and if you do not make a new one, you may die Intestate. This would mean that a strict legal order as to who inherit what would apply on your death, and your wishes would not be followed.
Some of the things that may change over time include:
- The birth of new beneficiaries – be it children, grandchildren, Godchildren, nieces or nephews
- If you have had children you may wish to appoint guardians in your Will
- You may no longer speak with people who you have named in your Will and wish to remove them
- You may have separated or divorced from your spouse/partner and need to remove them from your Will
- You may have moved house or changed name and wish to update the details contained in your Will
- You may have married since the date of your last Will and therefore your old Will may be revoked
- Your children may now be old enough to be named as Executors… or you may decide that they are not responsible enough to inherit monies at the age of 18 and instead wish to change this to 25
- The value of your assets/estate may have changed so you may wish to alter the inheritance various people were to receive
- Your beneficiaries circumstances may have changed so you no longer want them to inherit anything, or may want them to inherit more
…The list goes on.
Having an up to date Will is vital to ensure that your wishes are met.
If you would like to review your Will to ensure it meets your needs, or discuss any changes which may be required then please do not hesitate to telephone us and arrange an appointment.
For more advice on this matter please do not hesitate to contact Lauren Smith on
01302 341 414 or e-mail firstname.lastname@example.org