Why you should review your Will every three to five years

Life is full of changes; marriages, births, divorces, buying or selling property and unexpected events. Yet despite these milestones, many people forget to update one of the most important legal documents they will ever sign - their Will. 

While creating a Will is a responsible and necessary step in estate planning, it is not a “set it and forget it” document.  To ensure your wishes are honored and your loved ones are protected, legal experts recommend reviewing your Will every three to five years or sooner if major life events occur. 

Why regular Will reviews are essential

Life Changes – and so should your Will. 

Your personal circumstances may shift dramatically in just a few years.  Marriage, divorce, the birth of children, the birth of grandchildren or the death of a family member could all impact how you want your estate to be distributed.  Regular reviews ensure your Will reflects your current family structure and priorities. 

Asset Updates 

Have you bought a new home, sold a business, or invested in new assets? If your financial situation has changed, your Will should be updated to reflect your current estate.  Leaving outdated instructions can cause confusion or disputes and may even lead to some assets being distributed contrary to your intentions. 

Changes in Relationships 

Sometimes people named in your Will may no longer be the individuals you trust most.  You may want to remove a former spouse, update an executor or change guardians for your children.  A regular review gives you the opportunity to adjust these key roles thoughtfully. 

Law and Tax Changes 

Tax laws and estate regulations evolve.  A Will that was tax efficient a few years ago might now be outdated.  Taking advice from a qualified Solicitor every few years can help you take advantage of new laws and avoid costly mistakes. 

Avoiding Disputes 

A clear and up to date Will minimises the risk of family disputes or legal challenges after your passing.  By regularly updating your Will, you reduce ambiguity and reinforce that your wishes are current, deliberate and well considered. 

Peace of Mind 

Perhaps the most overlooked benefit of reviewing your Will regularly is peace of mind.  Knowing your Will reflects your current wishes and circumstances allows you to live confidently knowing you have done your part to protect those you care about. 

Creating a Will is a powerful act of care and foresight.  Keeping it updated is just as important as writing the Will in the first place.  Set a reminder to revisit your Will every few years, and consult a professional to ensure your estate plan still meets with your goals. 

For personalised advice and support, please contact our Private Client team who will be more than happy to assist you.