How Often Should You Review Your Will?
Updated: Oct 10
Your relationships and your financial circumstances are constantly changing. What you included in your Will several years ago may not seem appropriate now. It is always advisable to keep your Will under review but especially if one of the following has happened since it was made:
· You have married or are about to get married – in most cases a marriage will revoke an existing Will.
· You have separated or are about to get divorced.
· You have been widowed.
· You have had children or grandchildren or you no longer think the guardians you appointed to look after your children are suitable.
· One of your executors has died, developed serious health issues or moved abroad.
· One of your beneficiaries has died or your relationship with them has changed.
· You have bought a second property or a property abroad or there has been a significant change in the value of your current property.
· You have inherited a legacy which has resulted in an increase n the size of your estate .
· there has been a significant decrease in the size of your estate.
· You have concerns about your health - perhaps this makes you want to discuss what arrangements can be made regarding your property should you need to go into care.
· Changes in the law – when the rules changed in 2007 to enable a persons inheritance tax allowance to be transferred to their spouse it meant that a lot of wills which contained complex discretionary trusts could be changed thus making life simpler for executors and beneficiaries. However many of these Wills were not changed because people were not necessarily aware of the law change. Therefore it is advisable to review your Wills with the assistance of a Solicitor.
If you think it is time for a review, I am happy to provide a free initial consultation with you and to look over your Will for you. It may well be that at the end of the consultation you decide that no changes are required, but if you do need changes I can deal with these quickly and efficiently for you.
Please contact me to arrange an appointment by calling 07792 869095 or emailing me at firstname.lastname@example.org.