In this article, we answer the question "What is the role of an Executor?" Being…
While having a Will is a great first step when it comes to inheritance management, if you don’t take the time to review it, your Will and estate planning can become outdated.
Changes in circumstances
Our lives change in lots of little ways we don’t even notice; there are also big events such as weddings, births and bereavements. There are numerous reasons why your Will may no longer accurately reflect your desires and you should re-evaluate it whenever your personal circumstances alter.
It’s possible that you have got married, divorced or remarried since writing your Will. Revising it regularly ensures that your current spouse, rather than an ex-partner is the beneficiary of your estate. Sadly, people also lose their spouses and if you’re widowed it’s best to consider who you wish to leave your assets to, especially if you don’t have children.
The birth of a first child is something that often has people looking to the future and is usually when people initially draft a Will. Family life can be chaotic, particularly if you have several children and updating your Will to include your later offspring can slip down your to-do list. It’s vital to do so however to make sure that all your children are included in your final wishes.
A recent bereavement
Being left funds can change your circumstances and lead to different planning in your Will.
If your Will was written at the start of your career, hopefully things have gone well and you will end up in a stronger financial position than you were in originally. Conversely, if you have suffered financial losses you might be in a weaker fiscal circumstance that you anticipated when writing your Will. Both situations mean that your Will should be reassessed.
Taxes and regulations
Even if nothing in your life changes, rules and regulations do. It’s likely that inheritance and tax allowances will alter during your lifetime and this is another reason to get your Will looked at again, even if you think there is no need.
Does your Will do what it’s meant to do? Where to find out more
If you are now wondering if your Will is fit for purpose, then take up our offer to get a free Will assessment to ensure that your bequests are properly executed.
You can find out more about our Will writing service here.