Should I review my will?

by | Oct 20, 2021 | Wills

I already have a Will!

Well, done! but have you checked it lately?

It is a common mistake to think that once you have made a Will you don`t need to check its contents regularly.

There have been many tragic stories where someone has made a Will many years before believing they have set out their clear instructions and provided for their loved ones. But after their death for a variety of reasons mainly caused by life changes, their beneficiaries have lost out or worse the entire Will has become invalid.

How can this happen you may ask?

Wills need to be checked and updated every few years and particularly if a life changing moment occurs such as a divorce or marriage.

Some of the problems just to mention a few are:

Some of the gifts you wish to leave may no longer exist e.g., a car or a boat or even a named property. Such things can change over your lifetime.

You may fall out with a beneficiary or may wish to add a new beneficiary or beneficiaries.  Names may have changed through marriage or by change of name deed which could cause difficulties after your death.

The executors that you have chosen may predecease you or be too frail or lack the mental capacity to act in this important role.

If you marry after making your Will it becomes invalid and is automatically revoked.

If you divorce after making your Will it does not become invalid. But any gift you have made to your former husband or wife is treated as if they have died before you. This would mean that it will in most cases falls into your residuary estate.

But if you have left everything to them in your Will upon divorce it will be treated as if you have died intestate and the strict Intestacy rules will apply and not your wishes.

There can be problems if you have appointed them as an executor or even as a Trustee for your children as the trust will also fail.

Inheritance Tax allowances may have changed, and you may need to review your Will to ensure you are taking advantage of all the applicable exemptions available.

So, you can see how important it is to review and check your Will regularly to keep ahead of any changes that may adversely affect your Will.

We are happy to help you do this and provide our expert legal advice, so you are sure after your death your loved ones are protected.

DISCLAIMER

The information provided is of a general nature. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from an appropriate professional before you take any action or refrain from action. Whilst we endeavour to use reasonable efforts to furnish accurate, complete, reliable, error free and up-to-date information, we do not warrant that it is such. We and our associates disclaim all warranties. The information can only provide an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice.

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