Update your Will

Whilst we might all acknowledge that having a will is a good idea, the reality is that for many of us it is a ‘round to it’ thing, and we never get ‘round to it’!

Research commissioned by the Solicitors for the Elderly (SFE) has found that almost half (47%) of us with wills have not updated them for more than 5 years and over a fifth (21%) haven’t dusted them off for over 10 years, meaning that a significant proportion are likely to be out of date and no longer reflect what we want to happen when we pass away.

So this week, which is hosted by SFE, is 'Update your Will' week, which is aimed at encouraging more people to ‘get round to it’ and update their will.

Although we recommend that you review your will every 3-5 years, certain life events, perhaps affecting you and or your loved ones, should also prompt you to review and, if necessary, update your will. Such occasions may be:-

• If you, or a beneficiary, get divorced;
• If you get married. In England and Wales, marriage automatically revokes an existing will unless the will is specifically made in contemplation of marriage;
• If you have a new child or grandchildren, to ensure that they are included in your will;
• If relationships change with a beneficiary and wish to exclude them;
• If someone named in your will dies before you. It is important that you understand what shall happen to the beneficiary’s gift following their death and, in the event that an executor has died before you, whether you have named a replacement executor who is capable and willing to act in this role.

If you or a loved one are thinking of making, or updating your will, please contact our dedicated Wills and Probate team who will help you to review your will on 01484 821 500 or email us at willsandprobate@ramsdens.co.uk.