Peace of Mind: Review and Update Your Will Regularly

Having a Will in place gives most people great peace of mind.  However, it is important to review and update your Will regularly.  Regular reviews and updates ensure that it still reflects your wishes.

You may decide that you want to distribute your estate in a different way.  You could choose to appoint someone else to act as your executor or as guardian to your children if their circumstances have changed. It is generally recommended that you review your Will at least once every three to five years.  As well as in the case of certain life events, to include the following:

Buying property

For most people, property is their biggest asset. When buying, it is a good idea to decide what you would like to happen to the property in the future. This also has a bearing on the way in which you buy a jointly owned property.

For example, if you own it with someone as joint tenants, it will automatically be owned by them, should anything happen to you. However, if you own it as tenants in common, then you are free to leave your share of the property to someone else in your Will. You can choose to leave the other owner a life interest in the property.  This means they can live there for as long as they wish.  Once they no longer need it, your share will pass to your choice of beneficiary.

Entering into marriage or a civil partnership

When you marry or enter into a civil partnership, your Will automatically becomes invalid.  This is apart from when it specifically states that it is being written in contemplation of the marriage or civil partnership. This means that unless you put a new Will in place, your estate passes under the Rules of Intestacy.

Having children

Many people choose to review their Will on the birth of a child, to ensure that they will be provided for in the future. Your Will is your opportunity to appoint your choice of guardian for your child. Without a legally appointed guardian, the court decides who will care for your children, should anything happen to you and their other parent.

The death of someone named in your Will

If someone appointed in your Will as an executor, trustee or guardian dies, review whether you need to appoint someone else in their place. This is important if your Will does not name anyone as a reserve appointee. If a beneficiary dies, you may also want to have a new Will written.  Making alternative provisions for the gift they were to receive.

Getting divorced or dissolving a civil partnership

On divorce or the dissolution of a civil partnership, your former spouse or partner will no longer inherit anything you may have left them in your Will. This means that part or all of your estate would be intestate, or without an heir.  Therefore it would pass under the Rules of Intestacy.

Changes in your financial situation

A substantial change in your financial circumstances can mean that your Will might need revising.  In order for you to ensure that those whom you want to support will still be provided for. Your estate will pay out specified gifts first, such as ‘£5,000 to X’, then once all of these have been paid, the residue is shared out. This means that if the amount in your estate falls, your residuary beneficiaries could end up with less than those receiving specific gifts.

Changes in legislation

From time to time, the law changes in respect of issues such as Inheritance Tax.  The amount that can be given by way of tax-free gifts potentially changing. It is advantageous to review your Will in the light of any changes.  Ensure that your estate is structured in the most tax efficient way possible.

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