In this article, our specialist Wills and Probate Solicitors highlight when you should update your will.
So, When Should I Update My Will?
You should update your will when significant changes happen in your life. It is vital your will is up to date and reflects your current circumstances as failure to do so can cause unnecessary stress and worry for your loved ones when you die.
An up to date will is beneficial for you and your executors because you can have peace of mind that your final wishes will be carried out efficiently by your executors and that there will be less chance of conflict between your loved ones.
How Often Should I Update My Will?
Typically, we recommend you should review your will every 5 years to make sure that it still reflects your circumstances, and to find out if there are any changes to the law e.g., inheritance tax, that may impact your current will.
It is advisable that you update your will after any major change in your life such as getting married, having a baby, or getting a divorce, receiving a substantial inheritance or following a bereavement to ensure your will considers the changes in your circumstances.
6 Reasons When Should Consider Updating Your Will
Below we explain 6 reasons when you should consider updating your will:
- Buying or selling a property – When you buy or sell a property then you should review your will. If you own your own home. The ownership of the property will determine whether it can be passed on in your will. Owning a property with someone else makes it more complex. For example, if your property is owned by you and your partner held in a joint tenancy agreement, then your half of the property will automatically pass to the surviving joint tenant. Whereas, if the property is held in a tenancy in common agreement, you can leave a share of the property to someone in your will. That person would then become a tenant in common with the other surviving joint tenant.
- Marry or civil partnership – After getting married or entering a civil partnership any existing wills are automatically revoked and are no longer valid. If you decide not to make a new will then the law of intestacy decides how your assets are divided after your death without your wishes being reflected.
- Have children or grandchildren – When you have a child or new grandchildren you may want to review your will to include them in your wishes. Also, if you have children under the age of 18, you may want to specify in your will who will be the legal guardian of your children in the event of both parents’ deaths.
- Get divorced or dissolve civil partnership – It is important to note that being divorced or dissolving a civil partnership does not cancel the existing will in place, and failing to update your will based on your new circumstances could have serious consequences for your estate. It is recommended you make a new will to ensure your estate is divided up in the way you want, and to provide for your children.
- Change in financial situation or value of assets – You should review your will when there is a change in your financial situation. If the value of your assets goes up or down you should reflect this in your will.
- After a death – If someone named in your will has died, then you should review your will and remove their name. For example, if a beneficiary of your will has died, you should update your will with who you wish to receive this inheritance.
Specialist Wills and Probate Solicitors
Morrish Solicitors are a well-established Law Firm based in West Yorkshire with a national presence. We provide a variety of legal services to private clients, Trade Unions, Associations, and their members. Our friendly and professional Wills and Probate Solicitors specialise in all areas of wills, probate, and estates.
We offer the following services:
- Will Writing
- Estate Administration
- Tax Planning
- Lasting Powers of Attorney
- Court of Protection
- Care Homes
- Advice regarding cost of Residential/Nursing Care
With many years’ experience in providing legal services, you can have peace of mind we will manage your case sensitively and professionally providing security for you and your loved ones.
If you would like to speak to a member of our Wills and Probate team, please call us on 033 3344 9600 or simply email [email protected]rs.com with your request.
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