Do You Need to Review Your Will?
It is an unwelcome task that many people put off, but having a properly drafted Will ensures peace of mind.
It is good practice to review your Will on a regular basis to make sure that your intentions remain correct and that there have been no fundamental changes in your personal circumstance and to allow your solicitor to check that there have been no changes in the law or tax regulations that will affect your estate.
Any good Wills solicitor will suggest that you look at reviewing your Will every few years - this can be a chance for a general assessment of your financial affairs too. You should ensure that your Will is reviewed every couple of years as a matter of course, however there are certain events which will trigger the need for a redrafted will:
Marriage.
Wills are automatically revoked upon marriage, unless the Will specifies that you are in contemplation of the marriage - thus you will need to draft a new one.
Divorce.
If you have left a gift to your spouse in your Will and you get divorced, the gift will be automatically retracted but it is still sensible to review your Will prior to your decree nisi.
Birth of a child/grandchild.
If you have recently become a parent, you need to consider the appointment of Guardians who will have responsibility for bringing up your children in the event of you or your partner's death. It is advisable that you include your child as a beneficiary under the Will. If you are a grandparent you may want to make particular provisions for your grandchildren.
Mental Incapacity of an Executor.
You may be surprised to hear that a Will remains valid even if none of your chosen executors are still alive but it is always better to ensure that trusted family friends or professionals have been appointed to act. Experienced solicitors, in particular, are common choices for executors.
Death of a Beneficiary.
This may require changes to your Will, for example if you wish to benefit someone else in place of the deceased person.
A basic Will from a specialist Wills solicitor will often cost as little as £150. Not making a Will is a false economy - it can lead to the payment of unnecessary inheritance tax, and worst of all can lead to lasting and bitter arguments between family and friends caused by contesting a Will. A simple Will shall provide you with a peace of mind in knowing who is going to receive your estate when you die.