Many people understand the importance of making a Will, but far fewer appreciate the importance of reviewing it regularly.
A Will is not a document that should be prepared, signed and then forgotten about. This is because circumstances change throughout your life, and therefore your Will should evolve with them.
Without regular reviews, there is a risk that your Will may become out of date and may no longer reflect your wishes, potentially leading to unintended consequences for your estate.
Gemma Burdis, paralegal in the Private Client team at Wake Smith Solicitors, looks at the issue.
Why Review Your Will?
A Will review allows you to ensure your estate planning arrangements remain up to date and continue to achieve the outcomes you intended when the document was first prepared.
Over time, significant changes can occur, including:
- Marriage or civil partnership.
- Divorce or separation.
- The birth of children or grandchildren.
- The death of a beneficiary, executor or trustee.
- Changes to your financial circumstances
- Purchasing or selling property.
- Starting or selling a business.
- Changes in family relationships.
Changes in the personal circumstances of your intended beneficiaries, including:
- Their health and care needs.
- Their financial circumstances, such as bankruptcy, financial difficulties or receipt of substantial assets.
- Their family circumstances, including marriage, divorce, separation or the birth of children.
- Changes in tax legislation or estate planning rules.
Any of these events may affect the suitability of your current will and could mean it no longer reflects your wishes.
How often should a Will be reviewed?
As a general rule, it is sensible to review your Will every three to five years, even if there have been no major changes in your circumstances.
In addition, you should consider reviewing your Will immediately following any significant life event, such as:
- Marriage or entering into a civil partnership.
- Divorce or dissolution of a civil partnership.
- The birth or adoption of a child.
- The death of a spouse, family member, executor or beneficiary.
- Receiving an inheritance.
- A substantial change in your assets or income.
Regular reviews can identify issues before they become problems and provide peace of mind that your wishes remain protected.
The risks of not reviewing your Will
An outdated Will can create uncertainty and difficulties for those left behind. For example:
- The beneficiaries named in your Will may no longer reflect your true wishes.
- Executors may be unable or unwilling to act.
- Gifts of specific assets may fail if those assets have been sold.
- New family members may not be adequately provided for.
- Tax planning opportunities may be missed.
By reviewing your Will regularly, you can help ensure your estate is administered as smoothly and efficiently as possible.
Peace of mind for the future
Reviewing your Will is a simple but valuable step in ensuring your affairs remain in order. Regular reviews help ensure that your wishes are clear, your intended beneficiaries are protected and your estate planning remains effective as circumstances change.
If it has been several years since your Will was last reviewed, or if your circumstances have changed, now may be the right time to seek advice and ensure your Will continues to reflect your intentions.
What does a Will review appointment involve?
Many people are concerned that reviewing their Will will be a lengthy or complicated process. In reality, a Will review appointment is an opportunity to discuss your current circumstances and ensure that your existing Will still reflects your wishes.
During the appointment, we would typically discuss:
- Your personal or family circumstances and any changes since your Will was prepared.
- Your assets, including property, investments, savings or business interests.
- Whether your chosen executors and trustees remain suitable and willing to act.
- Whether your intended beneficiaries are still the people you wish to benefit.
Any changes in the personal circumstances of your intended beneficiaries, including:
- Their health and care needs.
- Their financial circumstances.
- Their family circumstances, such as marriage, divorce, separation or the arrival of children.
By understanding any changes in your beneficiaries' circumstances, we can consider whether your current Will continues to meet their needs and your objectives. This allows us to advise on whether any additional planning or protective measures may be appropriate to help safeguard both your estate and your beneficiaries' interests.
- Whether there have been any changes to tax legislation or estate planning considerations that may affect your estate.
- Whether any additional protections, such as trusts, should be included.
It may be more appropriate to prepare a new Will to ensure your wishes are accurately recorded and your estate planning objectives continue to be met.
Importantly, you do not need to have prepared your Will with our firm in order to benefit from a review. All we require is a copy of your current Will and details of any changes in your circumstances that may be relevant.
A Will review can provide valuable peace of mind, ensuring that your estate planning remains up to date and that your family and intended beneficiaries will be protected in accordance with your wishes.
For more information contact the Wills, Trust & Probate team online here, or call us on 0114 266 6660.