When is it time to review your will?
Many people put off making a will, it’s estimated that two out of every three people in the UK have not written one. Having a properly drafted will can give total peace of mind to you and your family by knowing your assets will be distributed according to your wishes after your death.
It’s recommended to review your will on a regular basis to make sure it’s up to date and your assets and your wishes remain the same. If your personal circumstances have fundamentally changed, or there has been a change in legislation affecting your estate, then you may be advised to draft a new will.
Most will writing professionals would suggest drafting a new will if any of the following events occurred:
Divorce
Any gifts left to your spouse or civil partner will not be distributed and will be added back to the remainder of your estate following your divorce or decree absolute. However it is a good idea to draft a new will to reflect your new status and intentions.
Marriage
You should make a new will when you enter into a marriage or a civil partnership. All wills are revoked on marriage unless the will was drafted in contemplation of the forthcoming wedding and allows for this.
Separation
A separation has no effect on a will, unlike a divorce, therefore it is an important time to redraft your will to make sure your intentions are clear.
Birth of a child/grandchild
If you have become a parent then it’s recommended to consider the appointment of guardians for your children in your will. Guardians take on the parental responsibility of your children in the event of you and your partner’s death. You may also wish to include any new children or new grandchildren as beneficiaries in your will.
Change in executors
Your will does not become invalid if your executors have died or lack the mental capacity to carry out the role. It would therefore be wise to appoint new executors should they no longer be able to act on your behalf.
Substantial change in assets
Over time the assets you own will change. However if there is a significant change in wealth, or if you have disposed of assets you previously had planned to bequeath to your beneficiaries, then you would be advised to make a new will.
Death of a beneficiary
Again if those who you planned to benefit in your will have passed away before you, then it may be necessary to redraft your to reflect your new wishes.
It is not expensive to make a will with many online will writers offering their services from as little as £30. Not making a will is a false economy with the potential for unnecessary inheritance tax liabilities and possible family feuds. For this nominal amount you can get total peace of mind and assurance that your assets will be directed according to your wishes after your death.