Many people feel that once they have had a Will drawn up, that is all they need to do until they die, when their wishes will be acted upon. However, getting a Will drawn up is only the first step in ensuring your wishes are carried out following death. A Will is not for life and it is recommended that every four or five years you should get it reviewed.
It seems obvious that you should review your Will following any major events, such as: getting married or entering a Civil Partnership; divorce; birth of children or grandchildren; selling or buying property; change in property value or a significant change in financial situation. However, even if your personal circumstances haven’t changed significantly, a review ensures that the Will reflects your wishes as they are today.
Relationships change; finances change; people die and others are born. Perhaps the person named as executor of the Will is no longer able to carry out this task, perhaps there have been changes in property law, inheritance tax, or family law. All of these can have an impact on your Will and how your estate will be divided after death.
If you have a Will which is older than five years and you think would benefit from being reviewed, then please drop me an email or give me a call on 0808 146 9295.
Davies Estate Planning – Wills in Andover.