Is now a good time to review your Will?
Written by David Cornelius | Wills | Trusts | 21st January 2021
If it’s been a long time, then there’s a good chance that your Will needs to be updated or at the very least, reviewed.
Once you have put a Will in place, you’ll have completed a very important step in your life. So why and when should you review your Will? It’s generally a good idea to read through your Will every three or so years. However, there are some key circumstances where it’s vitally important to check that your wishes are up-to-date. This will ensure that your loved ones are still protected as you wish, and that they’re not left in a difficult position.
Your family
Perhaps you have just become engaged, congratulations! While the preparations for the marriage will be at the forefront of your mind in readiness for your wedding day, one of the effects of the marriage is that it will revoke your Will. This means that any wishes that you previously had in place will be void. It is possible to prepare a Will in contemplation of marriage so that it remains valid even after you marry.
The arrival of children or grandchildren invites the opportunity to make sure that they are provided for in the most suitable way. Thinking about who you would like to act as guardians to your children is also an essential consideration so that you can express who you would like to care for your children should you be unable to do so.
If you’re undergoing a divorce or separation from your spouse or partner then it’s important to make sure that your assets are left to those who you wish to benefit.
If any of your beneficiaries have difficult personal circumstances that mean that it may not be appropriate for them to receive assets outright then we are able to explore the options available in your Will to look after them in the best way.
Should any of your beneficiaries die before you then making sure you have thought about what will happen to their gift is important. It may be that you include replacement beneficiaries or that you would rather that the gift is cancelled.
Review your finances
If you have any significant financial changes such as running a business or buying a property then it is important to make sure that you consider not only your beneficiaries but estate planning generally in relation to your inheritance tax position.
Receiving an inheritance from another person is also a good reason to review your own circumstances. Perhaps the money was intended to be held for a particular purpose or to be passed down to specific family members in the future.
Sometimes an Executor may feel unable to take on the responsibility that comes with administering the assets in an estate and acting generally to put into effect the terms of the Will. Making sure that they are still happy to assist you and that their details are current can save a lot of difficulty when the time comes.
How can we help?
When you review your Will, it needs to be done properly. We can guide you through the process or prepare a new Will if needed. Some minor changes can be made by a Codicil which is a separate document that alters the terms of the original Will.
You can change your Will as many times as you like although we help you to consider your broad circumstances to make the Will as long lasting as possible.
Speak to a friendly Will Solicitor
You can speak to David Cornelius on 01752 827076 or at dcornelius@nash.co.uk. Who would be very happy to help you.
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