Top 10 reasons to review your will

With spring around the corner, why not take the opportunity to do a spring clean and tidy away your copy of your will?

Whilst you are there, it is a good idea to check through each clause in your will to see whether your personal circumstances have changed and whether you need to update it. We advise you to review your will every few years, or when you have a significant life event.

10 reasons why you should update your will:

1.         Updating your will when you buy a property

Buying a property is a significant investment and will change the value of your estate. How you would like that value distributed will need to be outlined in your will. The most common scenario is that full ownership passes to your spouse or children if you both die. But you may want to do things like leave your property to one child and give another a lump sum.

2.         Revising your will when someone mentioned in your will has died 

If you have appointed someone as an executor who has now died or left them a gift, it will be necessary to make changes. You will need to review who to appoint as an executor and the gift will have to be directed to another beneficiary.

3.         Changing your will if you have married, you’re in a civil partnership or divorced 

Unless your will has been made in contemplation of marriage, then, when you marry your will is automatically revoked. If you divorce, then your will is read as though your ex-spouse predeceased you.

If you remarry, make sure you protect your children’s inheritance - if you are getting married and have children from a previous relationship, this can cause complications with inheritance.

4.         Updating your will if you now have children

It is necessary to make a provision for your children explicitly in your will to ensure that they inherit as you would wish them to. 

Furthermore, for those with children under the age of 18, the appointment of a guardian through your will is your chance to ensure that it is people of your choosing who are responsible for the welfare of your children should you pass away before they come of age.

If you would like to make gifts to your grandchildren, it is also beneficial to have these stipulated in your will.

5.         You have lost your original will

At Birkett Long, we hold onto your original will for safekeeping, but if you choose to keep your original will at home and have lost it, then without finding the original will it will not be valid.

6.         Amending your will because of changes in your financial position

A change in your financial position can also be a trigger for needing to change your will. Any significant change in your finances could have an impact on the legacies or gifts you have left in your will, and potentially on your Inheritance Tax position. It is important to reflect on these changes and consider whether there is enough in your estate to ensure that any of your gifts do not fail.

Our specialist experts can also advise you on Inheritance Tax planning, which could mean that less Inheritance Tax is paid on your passing.

7.         Reviewing your executor 

Double-check your executor to ensure that the person or company you appointed is still the best person for the job. 

Check that the company appointed to be executor is still in existence, bearing in mind that companies (law firms, banks, investment houses, etc) merge, close down, or change names, and you don’t want to leave your loved ones in a position where they are struggling to identify the company or person you’ve nominated.

If you’ve appointed a family member as executor, give thought to what extent family dynamics have changed since first nominating that person, and whether they are still appropriate to execute your will. 

8.         Changing your will when you no longer want to include someone 

There may come a time when you need to update and change the beneficiaries in your will. The process of disinheriting someone from your will isn’t as complicated as you may think. Although it might be a difficult decision to come to, the end result will be worth it, knowing your estate will be passed down as you intend.  

9.         Altering your will because a beneficiary develops debts 

You may decide to disinherit someone who’s shown themselves to be financially irresponsible. If you’re concerned about how an inheritance will be used, you can disinherit entirely or set up a Trust to specify how and when an inheritance can be used. 

If they have been made bankrupt then they may not be able to inherit a gift. 

10.      Making changes to your will if there has been a change in the law

Laws change all the time, and those changes could have implications on your estate, such as inheritance tax law changes might mean you need to restructure how assets are divided and to whom.

What will happen if you do not update your will?

By not keeping your will up-to-date, it may mean that when you die, your wishes cannot be followed because the wording of particular clauses in your will may not follow your wishes anymore. 

It is therefore very important to keep reviewing your will on a regular basis and if you are in any doubt then you can arrange a review of your will with one of our will specialists. We will be able to point you in the right direction to ensure that your will follows your wishes. 

What to do if you don't have a will

If you do not have a will in place, then spring is a good time to get your affairs in order and give you peace of mind knowing that your loved ones are provided for. Below is a link which you may find helpful which details what to expect from a meeting with a will specialist.

If you would like to make a will then please do not hesitate to contact us.