Is it time to update my Will?

Does your Will accurately reflect your wishes?

Many people write their Will, forget about it, and never review the most important document they will ever write. Throughout the years, significant life events can change everything – an unexpected illness, or death, may render your Will inappropriate or even invalid. If your Will is no longer accurate this could be a real bone of contention adding unnecessary worry and stress to your loved ones when you die – perhaps leaving them without the means to cope financially, or worse still, nothing at all.

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Even if you have not had any significant life events, it is advisable to review and revise your Will every five years. Not only does this give you the chance to ensure your Will reflects your wishes, but also to ensure it is not now affected by changes to the law. In recent years there has been major changes to inheritance tax laws which for many people has necessitated a change in their Wills to make sure their family will not suffer from large tax bills.

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Significant events that should prompt you to seek professional legal advice will include the following:

·????????Marriage – Unless a Will is in contemplation of a marriage, getting married will revoke an existing Will in England and Wales.

·????????Divorce – Upon finalisation of a divorce, an ex-spouse is treated as having predeceased you and will no longer benefit. It is important to amend your Will to ensure you have made substitute provisions and if so, whether those still reflect your wishes.

·????????Separation – If you and your spouse are separated, but not divorced, upon death you will be treated as legally married and if nominated in the Will, your spouse will inherit.

·????????After a birth – New additions to the family, such as the births of children or grandchildren, would warrant an update to your Will. A point to note is that stepchildren, unlike biological children do not inherit automatically. If you would like to include stepchildren in your Will, you will need to make changes to your existing Will.

·????????After a Death – If a beneficiary has died, you will need to review your Will and state who will now receive the inheritance.

·????????Change in Familial circumstances – Family feuds are very common, if you wish for a family member to no longer benefit from your Will, it is best to review your Will.

·????????Change of Executor – If your named Executor passes away, or becomes mentally incapacitated, you will need to elect another to take their place.

·????????Financial Change – A significant change in financial circumstances should prompt you to review your will, including inheriting property or any other significant asset.

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Failure to keep your Will current may mean you have an invalid Will or you run the risk of dying without your last wishes accurately reflected. For more information or to make an in person or online appointment please call Samuel Freeman in Private Client Department, on 01234 802 390 or email [email protected].