Having a Will is one thing but having an up-to-date Will is another matter completely! Whilst I find that there is a general reluctance amongst people to make a Will in the first instance, I find people are even more reluctant to review and update it. Further, a lot of people do not see the need to review their Wills or, continually put it on the never ending “to do list”. This is why I place a high important of reviewing your Will.
The fact is, circumstances and relationships change and this will have an impact on your Will. Unfortunately, case law shows that challenges to Wills are on the rise and in a lot of circumstances, could have been avoided by simply reviewing and updating the existing Will.
Generally, I recommend that people review their Wills every two or three years or whenever a major event occurs in their family, their assets or the taxation laws. Regular review of your Will ensures that it is up to date with your life and also current legislation.
Whilst there are many circumstances in your life that may trigger the need for a review of your Will, the following should prompt you to contact a solicitor and discuss updating your Will (reviewing your will):
- If you change your name, or anybody named in the Will changes theirs;
- The purchase or sale of a significant asset;
- The death of a family member or of people you have nominated as executors or beneficiaries in your Will;
- The birth of a child or grandchild;
- Marriage or divorce; or
- An inheritance or significant change to your financial circumstances.
If you need to make, update or review your Will it is important to do it properly and with the correct legal advice from an estate planning lawyer. Please do not hesitate to contact me if you require assistance in reviewing your will.
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