Writing a will is one of the best ways to protect your family and make sure your estate is distributed according to your wishes. But a will isn’t something you should create once and never look at again.
As your life changes, your will should be reviewed to make sure it still reflects your circumstances and intentions. Here are seven common reasons to consider updating yours.
1. You’ve Got Married or Entered a Civil Partnership
Getting married or entering into a civil partnership is a major life event that can affect your estate planning. Reviewing your will helps ensure your loved ones are provided for in the way you intend.
2. You’ve Separated or Divorced
Following a separation or divorce, it’s important to review your will. You may wish to change who inherits your estate, update your beneficiaries, or appoint a different executor.
3. Your Family Has Grown
The arrival of children or grandchildren is an ideal time to revisit your will. You may want to leave gifts to new family members or nominate guardians for any children under the age of 18.
4. You’ve Bought or Sold a Property
A change in your property ownership can have a significant impact on your estate. Whether you’ve purchased your first home, moved house, or sold a property, it’s worth checking that yours still reflects your assets.
5. Your Chosen Executor Is No Longer Suitable
If the person you’ve appointed as executor has passed away, is no longer able to act, or your circumstances have changed, you should consider appointing someone else to carry out your wishes.
6. Your Financial Situation Has Changed
Significant financial changes, such as starting a business, receiving an inheritance, or building up savings and investments, can all affect your estate planning. Reviewing your will ensure it remains appropriate for your current circumstances.
7. It’s Been Several Years Since You Last Revisited It
Even if there haven’t been any major life changes, it’s sensible to review yours every three to five years. Your personal circumstances, family relationships, and even legislation can change over time.
Keep Your Will Up to Date
A regularly reviewed will provide peace of mind that your wishes remain clear and your loved ones will be looked after according to your intentions.
Whether you’re creating your first will or making changes to an existing one, we’re here to guide you through the process.
Contact us today.