Update Your Will Regularly

Everyone should have a Will, and should update its provisions on a regular basis – whatever stage of life you have reached. There are many reasons for having a Will drawn up - most notably to ensure you can control who inherits your estate when you die.

Once you have made a Will, it is tempting to forget about it for years. It's crucial to keep it under regular review to reflect changes in your life.

If you have a Will, take the advice of our expert Wills and Estates solicitors to ensure your Will is up-to-date and provides for all eventualities in the event of your death. For an initial discussion, call us on 0207 624 0041

Common Reasons To Change Or Update Your Will

  • Relationship changes: have you recently married, divorced, started cohabiting with a partner, entered into a civil partnership; or had children or grandchildren? If so, the law states who will (or is likely to) inherit your assets or, for instance, your property on your death. It may not be who would choose. You may also need to appoint a Guardian for any children you now have.
  • To change an Executor: a named Executor in your Will may have died or moved some distance away and you may need to appoint an alternative. Sometimes, you may decide your original choice is no longer suitable or trustworthy.
  • Your financial situation has changed: you may have inherited or won a large cash sum or been unemployed for some time draining your savings. If your financial circumstance have drastically changed, review your Will as it may need altering.
  • Your choice of beneficiaries has changed: you may wish to benefit someone else, or remove a family member from your Will because you have lost contact. However, take care to ensure your Will properly provides for anyone who is financially dependent on you to minimise the risk of legal action against your estate following your death.
  • Concerns about inheritance tax: if you are concerned that your relatives will have to pay inheritance tax (IHT) out of your estate because it is worth more than the current 'threshold' below which none is payable, you should see a Wills and Probate specialist solicitor. We will give expert advice on whether your Will can be re-drafted to reduce, or even avoid, paying IHT. The law on inheritance tax is frequently amended and if changes occur in the future you may benefit from altering your Will.
  • You decide to create a trust: further education is increasingly expensive and you might chose to invest money in a trust fund to enable a child or grandchild to attend university. Trust funds are usually simple to set up and administer with the right legal support, and can also save inheritance tax.

Contact Us

Whatever your circumstances, keep your Will under review. Remember that Wills can be amended as frequently as you wish For more information contact the Wills and Estates solicitors at Ronald Fletcher & Co online or call 0207 624 0041 for detailed advice.