In general, it’s always a good idea to make sure your Will is either written or updated if you’ve got Wills in place already. So, here are 7 reasons to update your Will right now!
- There’s been a change in your family circumstances. Years pass and our children become adults before we know it. Have your children reached their majority without you noticing it? If so you’ll need to get updated on any existing Wills specifying guardians and so forth. Or it might be that you now have grandchildren that you want to include in your Will.
- A beneficiary or an executor has died. If this has happened to you recently then it’s crucial that you get your Will updated with new people named in those functions.
- Your financial circumstances have changed in some way. Inheritance tax may now be an issue. Or you may now have more or less money to bequest in your Wills. In such a situation you may wish to do some inheritance tax planning and either change or add cash legacies.
- Laws about Wills or Inheritance tax have changed. Imagine if the government decided to scrap inheritance tax?! Whoo hoo! That would create a need to update your Will. Or imagine you read of some big legislation change and you think to yourself ‘How does that affect me?’ or ‘Will that affect what I want to do with my Will? The chances are that, yes it will, in which case you’ll need a Will update.
- You get married. If you marry then any existing Wills are revoked at once. Ergo, you must get new Wills drafted.
- You’re getting divorced. In the unfortunate event of your marriage ending and there being a divorce, the same will apply. Well not that your existing Wills suffer automatic revocation but the need for a Will update. After all, you’ll want to ensure that your soon-to-be ex-husband or wife can’t inherit anything from you. And they can unless you take steps to change your Will.
- The simple passage of time. As time goes on so many things change in our lives so it’s possible that your Will is simply outdated and unfit for purpose now.
Complimentary Will Review
If you know that any of the above applies to you or you think your Will needs updating but you’re not sure – not to worry. I offer a complimentary Will review service.
That means you can find out if your suspicions are correct, and you do indeed need a Will update, at no cost to you. To find more drop me a note at: firstname.lastname@example.org and we’ll make an appointment.