Have you updated your Will? Don’t leave it too late.
Have you updated your Will in the last few years? We all know how easy it is to put off making a Will in the first place. But, once done, how many of us then file it away as job done?
It is easy to forget how important it is to review the Will periodically. If you don’t, and you pass away, your Will may be open to challenges and disputes. If the Will does not reflect your financial and family position at the point of death, it may mean your assets are not distributed as you would wish.
When should you update your Will?
Any significant life events can affect the content and validity of your Will. You should always review your Will if you:
- marry or enter a civil partnership
- give birth or adopt a child
- receive a significant inheritance, or acquire large assets
- establish or sell a business
- separate from a long-term partner
- divorce or remarry
- buy or sell a residential property
- have children who are now adults and no longer need a guardian.
- wish to appoint any children who are now adults as new executors.
It may also be the case that one of your executors has died since you drafted your Will, and you now need to appoint a new one.
Even if there hasn’t been a significant life event, it is still sensible to review your Will every five years.
How do you update your Will?
In the event of major changes, you may be best to start afresh with a new Will. For minor changes you will need to add a codicil to the Will and have that signed and witnessed in the same way as the original Will.
When preparing or updating a Will, it is important to appoint an experienced, specialist Wills, Tax & Probate solicitor. Wills can be more complex than anticipated. It is important to ensure your Will is legally valid and that your loved ones are provided for in the way you wish. Getting it done correctly will minimise the opportunity for disputes to arise after your death.
Contact a member of Bird & Lovibond’s Wills Trust & Probate team to arrange a personal consultation.