This is a common question for people to ask me, and my first answer is “whenever any major changes happen in your life”.
Major changes that affect your Will could be the birth of a child, moving house, significant changes to your finances (perhaps a large inheritance) or starting a business. New relationships or break-ups are obvious reasons to review your Will. It could be the death of a person who has a significant role in your Will, such as an executor or an important beneficiary.
If you have young children, it goes without saying that falling out with a potential guardian, means your Will needs changing!
Marriage revokes a Will in most cases. Therefore someone entering a second marriage, would need to write a new Will if they want children from their first marriage to inherit from them rather than their new spouse receiving everything. In many cases, this is a perfectly legitimate wish that the new spouse will be on board with – but it needs formalising in a Will.
In terms of time, it is good to read your Will every few years to ensure it still reflects your wishes, and still works with your current circumstances.
After 15 or 20 years or longer, it could be time to refresh your Will. This could be to change your executors – if they are all now older, you could replace them with your children or other younger relatives. A professional executor appointed 20 years ago may no longer be in business and so again would need replacing.
Reviewing your Will also serves another purpose – ensuring your loved ones know where it is, so it can be actioned when the time comes.
Lakes Wills Ltd
07795 661719
info@lakeswills.co.uk