Here are some circumstances where it is advisable to review your Will arrangements.
The usual ‘rule’ that a Will should be reviewed every five years should not be applied rigidly. A Will must be kept constantly under review and updated whenever a change in circumstances impacts on it. Here is a short list of some of the scenarios which call for a review of your Will:-
1. Marriage or remarriage
Whether marrying for the first time, or having already been married, tying the knot revokes any previous Will. You can make a new Will with your soon to be spouse in contemplation of that marriage, but you have to specifically name your new husband or wife. Alternatively, you can make a new Will after the marriage.
2. Divorce
Once you receive the Decree Absolute, your divorce being confirmed, your former spouse named in your existing Will as your Executor and/or Beneficiary shall be deemed to have predeceased you. Therefore any appointment or gift to them is void from the date of the Decree Absolute.
3. Children
You should consider making a Will (or updating an existing one) when you become a parent so that you can appoint a Guardian in the event of your death. This can only be done in a Will and it is therefore extremely important. This will give the person you appoint parental responsibility for your children if there is no one else remaining as a biological parent.
4. Finances
If you receive a financial windfall (an inheritance for example, or a lottery win if you are really fortunate) or, conversely, if you encounter financial difficulties, you should consider how these changes will impact on your Will arrangements. Advice on Inheritance tax and ways to preserve assets could be particularly valuable.
5. Changes in the law/Inheritance Tax nil rate band
Changes in the law are often reported in the press, particularly around the time the Budget is announced. It is always wise to keep an eye on these developments and take legal advice from a Wills specialist..
This list of scenarios is by no means exhaustive. If you require specialist advice regarding your Will (whether it is to consider an existing one or to make a brand new Will) then give us a call or send us an email. We can advise on whether a new Will is best or whether a change to your existing Will can be dealt by way of a Codicil.
