It is important that you regularly review your Will and ensure that the clauses and beneficiaries detailed therein accurately reflect your current wishes. If your circumstances have changed and your Will has not been amended to reflect these changes before you pass, it can lead to undue stress and worry for your loved ones after you have passed.
In light of this, we recommend that you review your Will every 5 years – even where you have undergone no significant life changes – simply to ensure that it still reflects your testamentary wishes. It is also prudent to seek expert advice on your Will at these intervals to ensure that there have been no significant changes in succession or inheritance tax law which could necessitate a change to your Will.
In addition, certain life events should encourage you to review the terms of your Will. In our opinion, these life events would include:
- Divorce or Separation
- Children or Grandchildren
- Beneficiary passes away
- Executor passes away or becomes incapax
Whether you are looking to create your first Will or want to make an alteration to an existing Will, a member of our team would be delighted to help.