In this blog Sarah Hodkinson and Niamh Docherty from the Private Client Team at Ramsdens solicitors explain the importance in ensuring that a Will is regularly reviewed and kept up to date.
Although many people have existing Wills it is important that they are reviewed regularly to ensure that it reflects your wishes and is in line with your circumstances. Ensuring your Will is up to date can help avoid disputes and reduce distress for loved ones when it comes to dealing with your estate.
Reasons for making and reviewing Wills:-
- Passage of time – you should review your Will at least every three years because family and financial circumstances change.
- Marriage or re-marriage automatically invalidates your Will. Upon divorce and/or marriage it is important you have a valid Will in place.
- Breakdown of a relationship. For example, if you have not made a Will or your Will passes your estate to your current spouse and your divorce has not yet been finalised, your estate may not pass to who you would like it to.
- Sale or disposal of assets specifically mentioned in your Will. For example, an asset which you no longer own could be substituted for an alternative when updating your Will so that the Beneficiary is adequately provided for.
- Dispute amongst appointed Executors who may not be willing to work together productively.
- Death of a person named in the Will such as a Beneficiary, Executor or Guardian. ∙ An Executor/Trustee becoming unsuitable due to advanced age, ill health or incapacity.
- The birth or adoption of a child or grandchild.
- Provision for caring for pets.
- Asset changes whether this is an increase or decrease in value.
- Changes in tax for example Inheritance Tax-planning is extremely important to help reduce liability on death.
- Minor children – you may want to make a provision for minor children to inherit once they attain a specific age. It is also sensible to appoint a guardian or guardians in the event that both parents have died.
- Starting a business, entering a partnership or forming a company.
- Altering the form of ownership of your home and creating a Life Interest Trust to protect your half-share of the property whilst giving the other person a right to remain in the property after your death. Especially important where second families are involved.
These are some reasons why you should review your Will and when to put a Will in place. Everyone’s circumstances are personal to them and you should ensure that you have a valid and up-to-date Will in place to protect your assets and provide you with peace of mind, which is essential no matter your age.
Ramsdens Solicitors have offices across West Yorkshire and our expert and friendly lawyers are on hand to discuss any queries you may have on 01484 821500 or alternatively, you can submit any questions via our online enquiry form.