How often should you update your Will?

How often should you update your Will

Making a Will is one of the most important steps you can take to protect your loved ones and ensure your money, property and possessions pass to the people you choose, albeit making a Will is not necessarily a case of “set it and forget it”. 

Circumstances can change significantly over the years and your Will needs to reflect this. 

It is recommended to review your Will every three to five years even if you think nothing major has changed.  A review of your Will does not necessarily mean you are needing to write a new Will, sometimes existing Wills are fine and nothing needs to be changed.  In other cases, however, changes to your family, finances or wishes may mean that a new Will or formal amendment is appropriate. 

Major Life Events that could trigger a Will Review: 

• Marriage or entering a civil partnership - marriage usually revokes an existing Will unless it was made in contemplation of a marriage. 
• Divorce or separation – does not invalidate your entire Will but it may prompt changes that need to be made with regards executors etc. 
• Having Children – if you have children, you may wish to include a guardian clause and financial provision for their future. 
• Buying a House – is always a good time to review your Will. 
• Financial Circumstances change – you may receive an inheritance, start or sell a business, acquire valuable possessions.
• Bereavement of a named executor or beneficiary - you may wish to name another executor or beneficiary in their place. 

A simple Will Review could include the following checklist 

• Are the people I want to inherit still the people named in my existing Will?
• Have any beneficiaries passed away 
• Are my Executors still appropriate and willing to act?
• Have I married or entered a civil partnership, separated or divorced?
• Have I had any children or grandchildren?
• Have I bought or sold a property?
• Have my savings/investments changed significantly?
• Have my wishes with regards particular possessions changed?
• Could my Inheritance Tax position have changed?

If the answers to any of these questions raise any concerns it may be time to review your existing Will.

If you or a family member are considering preparing a Will, updating your existing Will or amending your existing Will, our private client team can advise you on your options.