Should You Review Your Will?
If you already have a Will in place have you put it safely away believing that you never have to look at it again? If this is the case, then you should really start to think about reviewing your Will. Of course, thinking about writing or updating your Will is never pleasant thought but your circumstances may change regularly and you should always look to review your Will when they do. Your life might have changed considerably if you created your Will many years ago so it is probably time to give it another look. A review should make sure that it is up to date and that it still reflects your wishes accordingly.
So, when should you review your Will?
There are new beneficiaries
Perhaps you’ve had a new baby or grandchild or you’ve changed your mind with regards to who you want to leave something to. If this is the case, then you are definitely going to need to review and update your Will. If you have said that you want your estate to be left to your children as a class of beneficiary, this will generally cover those children who were born after the Will had been written. However, you might have decided that something specific should be left to a certain child, which will mean that your Will needs a revision.
You have more money
When it comes to our finances, things can change quickly. We might find that we inherit money from family members, you might even become a successful business person, or you could win money. This will mean that your Will needs to change to reflect your wishes and how you want to share your wealth. You could choose to pay for something specific or you might want to give money to other members of your family, which means that changes will have to be made to your Will. The tax position of your estate might also have changed which could affect how your Will is structured to take advantage of any available allowances.
You become divorced
If you have divorced since writing your Will then you will definitely need to review it. The divorce itself affects the distribution of your estate so you need to ensure your Will still matches your wishes.
Your spouse passes away
If your spouse has passed away before you then you should review your own Will to ensure your substitute provisions still reflect your wishes. You could have inherited from your spouse and might need advice on ensuring the tax position of your estate is now considered within your Will.
You have different ideas
Sometimes the circumstances we find ourselves in affect how we would want our estate to be distributed. You may have fallen out with family members that you no longer wish to inherit or met new friends or family that you now wish to include. Reviewing your Will regularly can prompt you to consider this to ensure your document is always up to date and reflects your wishes.