Do I Need to Update My Will?
Often changing our Wills only cross our mind if we fall out with a beneficiary or have an unexpected increase in assets such as a lottery win or inheritance.
However, there are many good reasons to review your Will
- If you marry or enter a civil partnership any Will written previously (not expressly made in contemplation of the event) will be revoked. If you have married since your last Will or are getting married in the near future you may wish to look at putting a new Will in place.
- Unlike a marriage, a divorce or dissolution does not revoke an existing Will (although it will be read as if your spouse has died before you) but you may wish to review your Will to check that it still reflects your wishes. For example, if you have any of your former partner’s nieces or nephews named to benefit in the Will you may no longer want this to be the case.
- If you made your Will a number of years ago legislation may have changed. We still see a lot of Wills made before the introduction of the Transferable Nil-Rate Band between spouses which contain trust elements that may no longer be appropriate. We recommend reviewing your Will to see if it is still appropriate for you every 5-7 years.
- If a named executor or beneficiary has died and you do not have a substitute beneficiary in your existing Will it is advisable to review your wishes so that you are appointing somebody you trust to administer your estate and you do not have a partially insolvent estate.
- If you gift a cash legacy during your lifetime and you no longer wish for it to apply on death you should consider amending your Will so that the gift is not paid twice.
- If you were leaving a specific item to someone and you sell or dispose of it in your lifetime then the gift in the Will may fail, you may wish to consider a substitute gift for that person.
If you would like to review your existing Will, or if you would like to make a new Will, our expert Wills solicitors are here to help. Call 01202 525333 to book a consultation with a member of the Wills, Trusts & Probate team, at any of our offices or send us an email enquiry.