The importance of reviewing your Will
A Will is never high on our list of priorities, after all none of us want to dwell on what would happen if we weren’t around – but if the last few years have shown us anything it’s that life can certainly be unpredictable.
An out of date Will can often cause more problems than not having a Will. So, in order to protect your loved ones, it is vital that you regularly review your Will (the suggestion is every five years), however the following reasons should prompt you to revise your Will.
You had a family
If you have children, it is important to review your Will to ensure that it makes provision for your children in the event of your death.
Your financial circumstances have changed
If your financial circumstances have improved, this could alter the Inheritance Tax (IHT) liability of your estate.
You have married/divorced
Marriage automatically revokes your Will and therefore it is essential to update your Will as a newly wed. Although divorce only revokes the clauses relating to your ex-spouse, you should review your Will to ensure that it is still valid to prevent your estate being administered under the laws of intestacy.
You have moved in with your partner
Couples choosing to live together are much more vulnerable, as they don’t have any of the protections offered by law to married couples. If you move into your partner’s house, you may have no right to stay if they die. Reviewing your Will to ensure that it makes provision for your partner in the event of your death is important.
Changes in the law
Tax legislation is constantly changing and therefore it is important to review your Will in line with this.
An executor or beneficiary has died
If an executor or beneficiary named in your Will has died, it is important to ensure that your Will provides for a replacement executor to act or a substitute beneficiary to inherit.
So, if your circumstances have changed and you want to ensure that your Will looks after your loved ones after you have gone, please call Anne-Marie Worth today on 01935 813 617 or email anne-marie.worth@mogersdrewett.com to arrange a review.