12 reasons for reviewing your will

As time goes on so many things change in our lives, so it is possible your Will is outdated and unfit for purpose or invalidated without you realising. In general, it is always a good idea to review your Will every three to five years. Here are twelve reasons to update your Will.

1. There has been a change in your family circumstances.

Your children are now adults. They can be appointed as Executors. A Guardian appointed by your Will to look after your children whilst they are minors can be removed. It might be that you have grandchildren you now wish to provide for in your Will.

2. Marriage or entering a civil partnership.

When entering into a marriage or civil partnership your existing Will will be automatically revoked (cancelled), unless the Will has been written in contemplation of marriage.

3. Divorce or separation.

Changing your will is unlikely to be top of your list of things to do if you are going through a divorce/separation, yet it is important that you do so. Failure to do so can mean that your former spouse inherits your entire estate. Unlike marriage, divorce doesn’t revoke an existing Will. The former spouse is treated as if they had died when your marriage or civil partnership was dissolved. The appointment of a former spouse as an Executor is revoked so you will need to make other arrangements.

4.  You have started a new relationship.

You may need to provide for a new partner, particularly if they are financially dependent on you.

5. Death of an Executor or Guardian or unsuitability to act due to age, health or bankruptcy.

It is crucial that you get your Will updated with new people named in these roles.

6. A beneficiary has died.

You may have made further provision in your Will for this scenario, but if you have not, then you will need to update your Will, to ensure that the deceased’s beneficiary’s share passes to someone else.

7. Your financial circumstances have changed.

This might be that your estate is worth significantly more than it did a few years ago, perhaps following an inheritance or win. Equally your estate might be worth far less. You may therefore need to add, increase, or decrease legacies or re-evaluate the distribution of your estate.

8. Inheritance Tax.

The inheritance tax rules have changed significantly in recent years and any Will that pre-dates October-2017, which includes a trust to mitigate inheritance tax should be reviewed.

9. Starting a business or entering a partnership. It is important to address what will happen to the business/partnership when you die to ensure that you have the right plan in place to allow the business to continue and for your dependents to receive your financial share.

10. Purchase of foreign property or moving abroad to live and/or work

Inheritance laws vary in every country and your Will in the UK may not have the legal jurisdiction to cover your foreign property. Therefore, when purchasing a property abroad make sure to investigate the local laws, as you may need to have a local Will drawn up in addition to your Will in the UK.

11. Sale of property specifically gifted in your Will.

You may wish to review your Will if you dispose of an item which you have listed in the Will.

12. You have made some lifetime gifts.

You may wish to adjust the distribution of your estate to account for those gifts to ensure fairness between your beneficiaries.