Five Reasons to Update Your Will

Creating a Will is an essential step in ensuring that your assets are distributed according to your wishes after your passing. Although once we create a Will it is a relief to get it signed and finalised, it shouldn’t be considered an unchangeable document. Life is constantly evolving, and so are our circumstances and priorities. Therefore, it’s crucial to regularly review and update your Will to reflect any significant life events or changes. Below we will explore five reasons as to why you should update your Will.

1. Family Changes:

There are various changes in a family structure that can affect who you want your estate to go to. Whether it be births, marriages, divorces, adoptions, or the passing of a loved one, they can all have an impact on your Will. It’s important to review and update your Will to include or exclude individuals based on these changes should you wish. Putting off amending and updating your Will can lead to unintended consequences, such as excluding a new family member or unintentionally leaving assets to an ex-partner or family member you no longer speak with. Did you know getting married revokes a Will completely?

• Financial Changes:

There can be certain situations that impact our finances substantially, be it divorce, children or just disposing/gaining of assets. Changes such as the above can impact how your assets that you have included in your current Will are distributed. Updating your will ensures that your beneficiaries receive the appropriate shares, and it allows you to account for any new or significant assets that were not included in your current Will. Additionally, it allows you to plan accordingly to minimise the potential tax burden on your beneficiaries.

• Change in Executors or Guardians:

The individuals you initially appointed as executors or guardians in your Will may no longer be the best choices due to various reasons. They might have passed away, become incapable of fulfilling their duties, or you may have simply changed your mind. Reviewing your Will periodically give you the opportunity to select new executors and guardians who are best suited to fulfil these roles and reflect your current preferences.

• Health changes:

Though we all hope to live a healthy life, there might be a genetic illness that you may not have been aware of resulting in you needing to go to a care home, or any of your beneficiaries may have changes in their mental capacity. This can raise a question on whether your current Will is still suitable for purpose. Perhaps a Trust Will is needed now to protect yourself or give security to your beneficiaries.

• Changes in Laws and Regulations:

Laws and regulations related to Wills and estates can change over time. For example during the pandemic a Will could be witnessed virtually. These changes can affect the validity and interpretation of your Will. By keeping your Will up to date, you can ensure that it complies with the current legal requirements and maximizes the benefits for your beneficiaries and your estate avoiding things such as Inheritance Tax implications. Seeking legal counsel when you are unsure is always better than remaining uncertain.

Ultimately, creating a Will is an important step in estate planning, but it shouldn’t be a one-time event. As you can see above there are a few reasons o why regularly reviewing and updating your Will is essential to reflect changes in your life. By staying proactive and keeping your Will up to date, you can ensure that your final wishes are accurately represented, providing peace of mind for both you and your loved ones.