It turns out that over a quarter of Wills in the UK might not accurately reflect the current wishes of their creators, writes Gemma Baumber of Ringrose Law.
If you’ve crafted a Will but haven’t given it a glance lately, it might be time to ensure it still aligns with your intentions.
Regular reviews every few years are a prudent practice to keep your Will up-to-date.
Here are some crucial times when you should consider revisiting your Will:
New Marital Status: Tying the knot or entering into a civil partnership can automatically invalidate your existing Will, unless it explicitly states it was made in anticipation of your marriage.
It’s important to update your Will to reflect your new status and intentions.
Divorce or Dissolution: If you’ve recently divorced or dissolved a civil partnership, any gifts to your former spouse will no longer be valid, and their role as an executor, if previously assigned, your Will also be nullified.
Updating your Will is essential to reflect these changes.
Separation: Unlike divorce, separation doesn’t automatically alter the terms of your Will.
If you no longer want your estranged partner to benefit, it’s crucial to make the necessary updates.
Changes in Key Roles: If an executor or beneficiary passes away, it’s wise to review your
Will to appoint others as needed to fulfil these roles.
Family Additions: The arrival of new family members, like children or grandchildren, is a
joyful event that might prompt you to add provisions for them in your Will. This is also a good
opportunity to appoint or revise guardianship details.
Significant Asset Changes: Major changes in your assets might affect how you should structure your Will, potentially bringing new tax implications or other considerations into play.
Change in Wishes: Simply changing your mind is enough reason to update your Will. It’s vital to ensure your Will reflects your current wishes accurately.
Remember, handwritten changes can invalidate a Will, so professional advice is always recommended.
If any of these situations apply to you or if you just want peace of mind that your Will is as it should be, don’t hesitate to reach out. Contact Gemma Baumber at our Newark Office on 01636 594460 for a thorough review of your Will. Let us help you ensure your final wishes are clear and legally sound.
