Once you have prepared your Will, it is easy and natural to then put this to the back of your mind. However, life events occur that may mean you need to reflect and make changes to your Will otherwise it may not be in line with your new circumstances.
If a small change to your Will is needed this can be done via a codicil but this will need to be witnessed in the same way as witnessing a Will. If significant and numerous changes are needed it may be necessary to prepare a new Will that will supersede the old Will. You should contact us for a free initial discussion to discuss what will be required in your circumstances
When should you consider revising your Will?
1. After a birth
Once you have a child or a new grandchild it is important to give consideration to them in a Will. Even if you already have some children and grandchildren specified in the Will, additional children and grandchildren are not automatically added.
You can also specify who should be the legal guardian of your children in your Will, so that in the event of your death your wishes as to who should look after your children are known.
Wills made prior to marriage will be rendered invalid upon that marriage. If a new Will is not made then you will die intestate without your wishes being reflected.
When dealing with a divorce people may not have considered that they need to amend their Will. Either party is unlikely to want to continue to make the other party a major beneficiary of their Will. Being divorced or commencing the divorce process does not cancel the existing Will but in England and Wales it does prevent your former spouse from receiving anything.
3. Moving house
Your Will should be reviewed if you move home. You may need to discuss how the property is owned, if you need protection from care homes fees and the overall value of the estate. If a second property is purchased you may want to leave this to different beneficiaries.
4. After a death
If someone you had named as a beneficiary in your Will has died, you should review your Will as it may need to be changed to remove their name and to state who will now receive this inheritance. Also if a named executor on your Will passes away it will be necessary to specify a different executor.
5. Financial change
If the value of your assets go up or down you will need to revise your Will to ensure it is up to date.
Reviewing your Will regularly will provide peace of mind, helping ensure that your wishes will be accurately reflected. If you have had any changes or life events call us today on 0175 321 6399 to discuss how we can help.