Published on: 11th October 2016

5 reasons you may need to revise your Will

Although a Will's intent is to provide for what happens to your estate when you pass, it needs to change as your life changes. Some people think once they've written a Will, they're finished with it and can wash their hands of the whole thing. But there are several times throughout a person's life when it makes sense to revise and review their Will.

Read our 5 life events that should prompt you to re-examine your Will.

1. New children, relatives or friends coming into your life

Usually, if a Will outlines that a person's estate is to be equally divided among their children, then children that are born after the document is written are included. But it does pay to take a look at the document to ensure it is worded correctly and to check that no alterations need be made.

Of course, Wills don't only involve providing for children. In your life you could reunite with a long-lost relative or an old friend, and after giving it a lot of thought, you may want to leave him or her with something. If this is the case, a formal change to your Will may be in order to make sure that they will receive something from you upon your death.

2. Your spouse or partner has passed away

Generally, married couples write mirror Wills where each person leaves their estate to the other. There is normally a backup option where if your spouse or partner were to pass away before you, your estate would go to substitute beneficiaries such as your children.

You should still however, review your Will if your spouse or partner has died. The people who were substitutes will have become the main beneficiaries of your Will so you may wish to add new substitute beneficiaries. You may also feel differently about gifts or legacies you made in your Will and wish to change them.

3. Changes in your finance situation

If you change or lose jobs, and your income and benefits are affected enough to change the value of your estate significantly, you will need to rewrite your Will.

You may also come into a large sum of money, from things such as an inheritance or buying or selling a property. If this happens you may want to consider drafting a trust that will help soften the blow of inheritance taxes owed after your death.

4. Legislations have changed

Legislations are continuously changing. A Finance Act is annually passed with changes to taxation, HMRC often bring test cases to court attempting to close loopholes, and other laws affecting Wills are introduced or amended occasionally. Some of these changes can be significant. A Will that may have been fine when it was first written could result in tens of thousands of pounds being lost in tax unless rewritten. This is why it's important to review your Will every several years.

5. You've had a change of heart

A lot of people write their Wills when they are first married or when they are young. While it's great to start planning when you're young, bear in mind that what seemed appealing then may not work when you're older.

For example, maybe you and your brother were inseparable in your 20s, and giving him your car sounded like a great idea then, but now you're not as close you might not want him to have it.

In any case, if you've had a change of heart, it makes sense to review your Will and consult with professionals.

If you want to change or review your current Will, contact us and one of our experts can advise and assist you on updating it.

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