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Time to update your Will?
At the time of completing your Will the intention is that it will cover the scenario of how your estate should be distributed in the event of your death shortly thereafter. There may be provisions included to provide some longevity to the Will, in order that it need not be updated constantly. However, it should still be reviewed from time to time, at least every 5-10 years, although that does not mean it needs to be changed that often.
The most common circumstances when you should consider updating the Will are:
- In the event of you marrying, which will automatically revoke your existing Will.
- In the unfortunate situation whereby you might separate or divorce.
- If an executor dies, or reaches an age where you consider it no longer to be appropriate to appoint him or her.
- Should one of your nominated executors suffer from some form of incapacity, which might prevent them from acting.
- The birth of a potential new beneficiary, such as a grandchild.
- A beneficiary getting married, divorcing or an untimely death of one or more of the beneficiaries.
- In circumstances whereby a beneficiary is made bankrupt.
- If a beneficiary is suffering from an incapacity such that they are unable to manage their own financial affairs.
- Should the number of people financially dependent upon you change.
- If you have a material change in assets, such as winning the lottery(!), receiving an inheritance or finding yourself in a position where there is an increased inheritance tax liability.
- In the event of the change to the law.
- Finally any other significant change to your life that means that you wish to review your Will.
This list is not intended to be comprehensive but is often a useful guide for when people might think about reviewing the terms of their own Will.
For advice on Wills, please contact Richard Horwood.
Please note the contents of this blog are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances.