Reviewing your Will is just as important as making your Will for the first time. An out of date Will can cause as much difficulty as not making a Will at all.
How often should I review my Will?
We recommend reviewing your Will every 3 to 5 years or as your (and your family and friends) personal or financial circumstances change, for example, when you move house, change your job, have children and as your children go through life themselves, and if you divorce or enter a new relationship.
Why should I review my Will?
If the personal and financial circumstances of you, your family or your friends have changed, the provisions you have made under your Will may no longer be suitable. You may own your home in your sole name and you have family members living with you – what will happen to them when you die?
Unfortunately, as the years pass, circumstances change, and you may wish to remember new friends, whilst you may not remain as close to others. You may also wish to help out friends and relatives whose financial situation has become more difficult with the passing years.
The law is also changing; changes having already been made to the Intestacy rules (who can inherit from an estate where there is no Will) and changes due to take place to the Inheritance Tax rules in 2017. It is worth bearing in mind that such changes will not always have the effect you wish. For example, whilst the changes to the Intestacy rules are largely advantageous to husbands/wives and civil partners, they could result in other family members or friends losing out on what you wish for them to inherit.
Is it possible my Will may no longer be valid?
If you have married or entered a civil partnership since you made your Will it is possible that your Will has now been revoked (unless your Will was made in contemplation of that marriage). You may also now wish to ensure your spouse is cared for after your death.
Contact a Wills, Trusts and Probate specialist
For more advice on reviewing your Will please contact a member of our Wills, Trusts and Probate Department at our offices in Leicester, Hinckley or Market Harborough using the contact details below.