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When should you update a Will?

View profile for Katie Mayren
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Dealing with the financial affairs of someone who has died

If you have already made a Will, you are already one step ahead in managing your affairs as we all know, it is not an enjoyable process to have to go through although essential.

If you have made a Will, you should review your provisions whenever your circumstances change. For example, if you get married, divorce or have children you should seek advice from a legal professional, to check how this affects the Will you currently have in place. Most people aren’t aware that unless made in contemplation of marriage, marriage will revoke and invalidate your Will.

If the value of your estate significantly changes, again it is wise to seek advice surrounding whether certain assets will pass under your Will provisions and also to check where your estate stands with regards to inheritance tax.

Even if you believe your circumstances haven’t changed and you don’t feel you need to change your Will, it is sensible to retrieve it from it’s safe place every now and then to read over it and make sure you are satisfied with the contents.

If you require a minor change such as appointing an executor, you can simply make a codicil which is an additional document to be stored with your Will. However should you wish to make a larger change such as who you want to leave your residuary estate to, it is advisable to make a new Will which automatically revokes your current Will. Always remember to destroy all evidence of any previous Wills to avoid any confusion regarding which Will was your last Will and Testament.

Should you wish to review your current Will or discuss making any changes please do not hesitate to contact our Wills and Probate solicitors to discuss this on 0161 696 6238 or complete our online enquiry form and we will contact you directly.