By Samantha Downs, Solicitor
Law Society guidance says that you should review your Will at least once every 5 years. The reason for this is that, during those 5 years, something is likely to happen to mean that your Will no longer accommodates your particular set of circumstances.
The following is a non-exhaustive list of changes in your circumstances which should make you review your Will: –
Marriage – in particular, you getting married. Often, your marriage will invalidate your Will, meaning that if you don’t do a new Will, the intestacy provisions will apply and that might not be what you intend.
Death – the beneficiaries, executors or guardians you have named may die before you. If they do, review your Will to remove them and include new beneficiaries or appoint new executors or guardians.
Births – perhaps you have added to your family or perhaps there is a new member of your wider family? If this is the case, you may need to consider changing your Will to include those new members of your family. You should also always update your Will where you have children, with regard to guardians. Are the guardians already appointed by you, still who you consider the best people to look after your children? If they aren’t, then you need to review your Will.
Divorce – either of yourself or any of your beneficiaries, executors or guardians. For example, you may not want your ex-spouse inheriting your assets. However, until you are formally divorced, they still remain your spouse and are treated accordingly. If you have separated or have not yet received your decree absolute, then you should consider a new Will. Likewise, if you have included a spouse of a family member who is now separated from that family member, such as a daughter-in-law or son-in-law, for example, then you may want to change your Will to ensure that they do not receive any of your assets or act as executor or guardian.
Change in financial circumstances – any change of financial circumstances may have a bearing on your Will. In particular, if you acquire assets which increase your estate, making it taxable for inheritance tax, seek our advice so that we can advise you how best to change your Will in order to minimise the amount of tax you pay.
Moving home – do let us know when you move home. In some cases, you may need to change your Will, in other cases, your Will may be fine as drafted and we will simply update your records. Where you or someone else named in your Will moves home, often all that is needed is a note to be placed with your original Will confirming the change of address, but get advice that this is the case.
Moving in with a partner – you may wish to include your partner in your Will or you may not. If it is the latter, you will need advice on whether your partner can make a claim against your estate on your death. You may wish to ensure your partner is looked after, whilst ensuring that your estate eventually goes to family. All of this, we can help with. Do remember that, unless you are married or in a civil partnership with your partner, they have no automatic right to inherit from your estate in the event that you have not made a Will. So if you want your partner to inherit, you must make a Will.
Starting a new business – if you have taken the brave step of starting a business, then review your Will. You may wish to pass on the business to family members or your business associates. You may also be entitled to various inheritance tax reliefs after a certain amount of time, which you will need advice upon.