Most people make a Will to provide security for the ones they love. Unfortunately, however, it’s not common knowledge that for your Will to stay valid it needs to be reviewed regularly.
Regularly checking over your Will can prevent it potentially becoming invalid or even being revoked in some circumstances. Whether it’s a matter of updating the details of your executors and beneficiaries or accounting for an increase in wealth, your Will needs to reflect your complex and changing life in order to truly protect the future.
If you have a Will but aren’t sure whether it’s still up to date, we can help you today.
5 times when you should review your Will
Broadly speaking, reviewing your Will allows you to account for any changes to your personal circumstances. The reasons for this can vary, so here is a list for some of the most common events that are best followed by updating your Will:
- A new marriage
- New additions to the family
- Changes to beneficiaries, executors and their contact details
- An increase in wealth
- Changes to inheritance tax law
As you can see, the adage of it being one Will for your whole life couldn’t be further from the truth; your Will needs to reflect the many facets of your life, especially as they change.
For instance, if you’ve had a Will in the past and later get married, your Will is automatically revoked, or if you’ve got young children, you can update your Will to appoint a guardian for them. A Will can do much more than you think, and making sure it is completely up to date means that you can have total peace of mind when it comes to your future.
You can read more about why making a Will is so important, and what may happen if a Will is not up to date.
With life changes so should your Will
While it might seem a little dramatic or even far-fetched, the reality is that some changes to your life can have wide-reaching consequences with regards to your Will. As a result, updating your Will can give you the best possible chance of protecting your loved ones.
It can be hard to keep on top of everything that needs considering, which can lead to the administrative task of reviewing your Will ending up at the bottom of your list.
That’s where we can help. Simply get in touch with us today and we can help you review your Will.
If you’d like to talk through your Will, you can call us now on 0151 282 1700.
Other articles you may be interested in