Creating a will is an essential step in securing your family’s future and ensuring your wishes are respected after you’re gone.
Many people assume that once a will is written, it never needs to be looked at again. In reality, life changes frequently, and these changes can impact how assets are distributed and how your loved ones are provided for after your passing.
Regularly reviewing your will ensures that it accurately reflects your wishes and safeguards your family’s future. Here’s a checklist to help you understand why periodic reviews matter and what key aspects to consider.
1. Personal Changes to Review
The following questions can help you determine if changes in your personal life mean it’s time to update your will:
- Have you got married? Marriage can revoke a previous will in England and Wales unless it specifically anticipates marriage.
- Have you separated or divorced? Divorce may change how your estate is distributed.
- Are you now living with a partner? If so, you may want to consider updating your estate plans to include them.
- Have you had children or grandchildren? This ensures your will reflects the new additions to your family.
- Do you have more children now than you have named in your will? Adding new names helps ensure fair distribution among all family members.
- Has your financial situation changed significantly? If you’ve experienced growth in assets or acquired new properties, these should be accounted for.
- Have you sold any item specified as a gift in your will? Removing or replacing items you no longer own avoids confusion.
- Do you own property abroad? This may require specific legal considerations.
- Do you own a business or a share in a business? Including this in your will ensures continuity and smooth succession.
- Are you concerned about inheritance tax? Recent tax law changes can impact the distribution of your estate. Reviewing your will ensures you’ve maximised tax efficiency.
2. Reviewing Your Beneficiaries
Changes in family relationships or friendships can lead to shifts in how you want to distribute your assets:
- Have you changed your mind about who should inherit? Updating your will reflects your current wishes.
- Have any of your named beneficiaries passed away? Removing or reallocating their share can prevent confusion.
- Have any of your beneficiaries changed their names or addresses? Ensuring accurate information streamlines the will’s execution.
- Are any of your beneficiaries vulnerable due to age, disability, or lifestyle? Setting up trusts can protect assets for these beneficiaries, giving them security and protection.
- Do you want to find out how trusts can help protect assets for future generations? A trust is a useful tool for protecting assets and maintaining your wishes long-term.
3. Reviewing Guardians, Minor Children, Executors and Trustees
If you have children or dependents under 18, it’s essential to appoint guardians. Changes in your relationships or your guardians' circumstances can make updates necessary:
- Have you changed your mind about who should act as guardians? Regular reviews allow you to ensure that the appointed guardians align with your values.
- Do you have concerns about the age, health, or mental capacity of your chosen guardians? Life circumstances change, and updating your will can ensure the right person takes on this responsibility.
Executors and trustees play a critical role in executing your will. Choosing the right individuals to handle your estate ensures a smooth process:
- Have you changed your mind about who should act as executors or trustees? Updating these roles ensures you have the most suitable people managing your estate.
- Do you have concerns about the age, health, or mental capacity of your executors or trustees? Life changes may mean appointing someone new to effectively manage your estate.
When Should You Review Your Will?
It’s advisable to review your will every three to five years or after significant life events. Major life changes, financial adjustments, or changes in UK tax laws can all impact your estate plan. Periodic reviews ensure your will remains a current reflection of your intentions and protects your legacy.
Regularly updating your will is a proactive step that gives you peace of mind, knowing that your loved ones and assets are protected.
