Here in the UK, a will is an important legal document that clearly states how your possessions and assets are distributed upon death. It is the best way to guarantee your estate is handled according to your wishes and passes to the people you leave behind.
Uniquely personal, wills can vary greatly. However, some common inclusions are a list of beneficiaries or charitable organisations who will gain from your will, the identity of your executor (the person who will carry out your wishes), designation for the care of minor children and specific instructions for your funeral among others.
It is understood that over time changes in circumstances, wealth and wishes can impact your will. As a result, it is necessary to update your will periodically and when an important life event occurs. Here, we discuss when you should update your will.
How often should I update my will?
Legal professionals recommended that regardless of significant changes in your personal situation, the best policy is to review your will at five-year intervals. This will ensure that in the event of your death, the legal document will accurately reflect your wishes. It is worth noting that this also provides your solicitor to check that any recent alterations to UK law do not impact your will, and if they do, revise it as required.
Updating wills after a major life event
A substantial change in your personal circumstances or financial situation will usually require an immediate edit to your will.
For instance, the purchase of a significant asset such as property can increase the value of your estate. If you move from one property to another, the money you make in equity may impact the value of your assets resulting in revising your will.
Marriage will also cancel your previous will, and you will need to amend it. If you have children and later grandchildren, you will likely wish to add them as beneficiaries in your will as soon as possible.
If you separate or divorce, your wishes are likely to have changed, and you may want to amend your will to reflect this. While marriage makes a will invalid, divorce does not. Therefore, unless you alter your will, your previous wishes will stand.
Changes in circumstance to the people named in your will can also result in a review. For instance, if the individual you nominate as your executor dies before you, they won’t be able to fulfil their role. Similarly, if a beneficiary you name passes away before they receive a gift from your will, you may wish to give it to someone else instead.
What are the consequences of not updating your will?
If you neglect to review and revise your will periodically, it can have several unwanted outcomes. For instance, upon death your intentions may be based on inaccurate and outdated information and your estate may not pass on in the way you wish.
When questions arise whether an older will still reflects your wishes, it can cause tensions between your beneficiaries. In some cases, the validity of a will can be contested, resulting in expensive legal battles between the people you leave behind. This can result in emotional and financial strain on those you care about.
For example, if after making your will you form relationships with people who depend on you for financial security and you pass away before stating this in your will, you could put them at risk. You might also have inherited more wealth not accounted for in your will, leading those you leave behind to dispute how it should be divided.
Leaving clear instructions in your will and updating the document every five years will reduce the probability that anyone will question your intentions after you die. It is imperative that you take complete control of your estate and its future while you have the power to do so.
Do you need help from expert will writing solicitors North Wales?
At Bennett Smith Solicitors, we are specialists in wills and probate. Whether you are writing a will for the first time or need make amendments to your existing legal document, we can help. There are many considerations when making a will, as covered in our blog, but from age 18 you have the legal right to do so.
If after reading about the importance of having a personal, you would like further information about our services you can read more about our services here. Get in touch with our team today for advice and support.