Time to update your Will?

Olivia Bradshaw, Trainee Solicitor in the Private Client team explains why reviewing your will regularly is good practise.

It's always a good idea to think about creating or updating your Will. We recommend reviewing your Will every 3 to 5 years at a minimum. However, there are some major life events that should prompt you to review it sooner. Olivia Bradshaw takes you through them here:

1. Birth or adoption of a child

If you've recently welcomed a new family member, consider who you would want to appoint as a guardian for your child in case something happens to you. You might also want to update your Will to ensure your new family member is provided for, such as leaving them a legacy or adding them as a beneficiary or trustee.

2. Marriage or civil partnership

When you get married, any existing Will that wasn't made in anticipation of marriage is automatically cancelled. Without a new Will, the rules of intestacy will decide how your estate is distributed, which might not align with your wishes. Creating a new Will ensures your estate is handled according to your preferences.

3. Divorce

Unlike marriage, a divorce doesn't automatically cancel a Will. Your existing Will remains valid, but any parts involving your former spouse as a beneficiary or executor won't take effect. It's important to update your Will to reflect your current situation and relationships. Also, review any Lasting Powers of Attorney, as appointments of your former spouse will end upon divorce.

4. Significant changes in your financial situation

If you've received a substantial inheritance, sold or acquired a business or property, or experienced a significant change in income, you might need to update your Will. This could involve more efficient inheritance tax planning or adjusting the distribution of your assets to ensure you can fulfil any legacies.

5. Death of a family member or friend

If an executor or beneficiary named in your Will dies, you may need to appoint a new executor or update how your estate is distributed. The death of a family member or friend might also affect your financial situation, prompting you to update your Will to include provisions for new financial dependents.

If you are considering writing a Will or updating your existing Will, please contact a member of our Private Client Team, who will be able to help you put one in place that accurately reflects your wishes.