Five Reasons to Update Your Will
Has some time passed since you got your Wills written? Or have your circumstances changed in any way? Divorce, death, remarriage or a new partnership – all these life events could render your current Will either null and void or, at best, problematic. And you really don’t want that. So here I’m giving you five reasons to update your Will.
- Your family circumstances have changed
The years pass in the blink of an eye and before you know it your toddlers are adults. Then is a good time to get your existing Will reviewed and, if needs be, updated. For instance, if your offspring have reached their majority then you’ll need to remove any guardians specified in the Will.
- The death of an executor or beneficiary
If you’re faced with this circumstance then it’s vital that you update your Will with new people named in those functions.
- A change to your financial situation
Do you now have less money to bequest in your Will? Or has inheritance tax become a problem? If so then you may wish to do some inheritance tax planning to either change or add cash legacies.
- There’s been a change in the laws about Wills or inheritance tax
Let’s fantasise for a moment and imagine that the government has scrapped inheritance tax. Ha! Well, that would create a need to update your Will for sure. 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. And in that case, you’ll need a Will update.
- The D-word – divorce
In the unfortunate event of your marriage ending and there being a divorce, you must update your Will. Your existing Will won’t suffer automatic revocation thus the urgent need to update it.
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.
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 – please don’t worry. I offer a complimentary Will review service.
While you’re doing your Will review, or even getting it written for the first time, you might want to think about drawing up a letter of wishes. Letters of wishes are of particular importance if you’ve got guardians of your children appointed in your Will. You can find out more about the letters of wishes here.
That allows you to find out if your suspicions are correct, and you do indeed need a Will update, with no cost to you. To find more drop me a note at: info@swindonwillwriting.co.uk and we’ll make an appointment. Or, if you prefer, send me a message via my webform here.