Even if you have a Will in place, it is best to review it every five years or when significant life changes and events occur. It is important to ensure your wishes are carried out after your death and it is essential to have these circumstances accurately reflected.
These include:
Major relationship changes, such as marriage
or divorce
- If you get married, this will cancel any
previous Will which you have made, unless the revocation clause included an
anticipated marriage. You will therefore need to make a new Will to ensure your
wishes are carried out. - Unlike marriage, if you separate or divorce your Will is not automatically invalidated. However, if you divorce, your Will will read as though your ex-spouse died before you and their Executorship becomes invalid and any gift to them will lapse. There is however no automatic change to your Will if you separate.
Sale and purchase of property
- Property is often a significant asset and it’s therefore important to review your Will in light of any changes in ownership, whether this be a sale, purchase, transfer of equity, or a change as to how you hold joint property (e.g. joint tenants or tenants in common).
- If your Will includes a property trust, you will need to consider whether the trust still takes effect in the way you wish it to following a change in ownership.
- Equity release also impacts the value of your estate and may mean that you wish to divide your estate in a different way. You should therefore consider the terms of your Will when taking out equity release.
A new family member, child or grandchild
- It is important to include provisions for children make sure that they are taken care of and provided for after your death. A guardianship clause can be included to ensure they are cared for by someone of your choice, if both parents pass away whilst they are still a minor.
- If your Will specifically names your children or grandchildren, you would need to amend your Will to include any new additions you to inherit.
Death of an executor or beneficiary
- If someone named in your Will dies before you, you may need to review and updateyour Will to change who would be acting on the administration of your estate. If there was a gift made to that beneficiary, you may want to update your will to include what should happen to the gift which was intended to be left to them following their death.
Change of financial position
- If your estate significantly increases or decreased, you should review your Will to ensure that your estate passes to your chosen beneficiaries as you would want it to. You may wish to include for example, a trust or alter cash legacies in light of the change in your estate. There may also be changes to the inheritance tax liability of your estate, which in turn may mean you wish to alter your Will.
