When should I review my Will?
If you already have a Will, but have not reviewed it recently, there may be important updates which you need to make. It is estimated that over a quarter of Wills are out of date and yours might be one of them.
– Has anything happened since you made your Will, which might cause you to reconsider any part of it?
– Are your executors still appropriate?
– Since you made your Will have you married, divorced or separated?
– Have you had or adopted any children?
– How has the value of your estate changed?
– Does your Will still deal effectively with Inheritance Tax issues?
For example, marriage revokes a Will, which means that if you have married since making your Will then it will no longer be valid, and you will need to think about making a new one to reflect your new circumstances. Equally divorce affects gifts left to your ex-spouse, whereas separation does not, so in both cases an update may be needed depending on your situation.
When we experience a major life change we should consider updating our Will, whether that is by way of a new Will or a Codicil. Even if we’ve had no significant changes occur in our lives since we made our Will, which may impact upon its contents, we should in any event, review our Will at not more than five yearly intervals to keep our affairs up to date.
Here at Caversham Solicitors Limited we will consider your individual circumstances and offer practical, straightforward legal advice, ensuring your wishes are reflected in your Will. To find out more about updating or changing your Will, please contact Kelly Chandler or Priya Sharma on 01189 478638.