Making a Will could be one of the most important things to do for your family and loved ones when thinking about the future. But have you thought about how often you should update your Will?
It can be easy to think that once you have made your Will, you can have the peace of mind that your affairs will be taken care of as you wish. Quite often this will be the case, but it is advised that you review your Will periodically.
Key life events can have a major impact on the validity and effectiveness of your Will, or certain events may change what your wishes are now.
You should update your Will if any of the following happens:
- You separate from your spouse and have filed for a Divorce (or are in the process of). If you pass away without updating your Will, then your ex-spouse will most likely inherit your estate.
- If you have married or entered a civil partnership or are making arrangements for such.
- If your family dynamic has changed (perhaps your children have married/divorced/re-married) and this changes the way you wish your inheritance be left.
- If you have had a child or you have new/additional grandchildren
- If you, or anyone mentioned in your Will, changes their name or address
- If you sell a property you have identified as a gift to a specific individual
- You become, or there is a chance you could become seriously ill
- Any other key life events
- Your original Will was not created by a trained professional or Solicitor (see “Why do I need to pay a Solicitor to make a Will?” for more information)
- The 5 year rule
If none of the above have happened, it is still recommended that you review and possibly update your Will every 5 years. Laws relating to Inheritance Tax are updated frequently, so there may be changes that you need to be aware of that may affect your Will.
If you would like to review your existing Will, or make a new one, contact us on 0114 249 6666 or email firstname.lastname@example.org
The team will put you at your ease immediately – while their professionalism and eye for detail will give you the confidence and reassurance that your Will legally covers your wishes exactly as you’d like.