SPOTLIGHT ON: Should I update my Will
Should I update my Will?
According to research only 4 in 10 adults in the UK have a Will, despite owning property or other substantial assets. Further, more than half of parents of minor children do not have a Will. If you are one of the organised few that has made a Will – congratulations!
However, it is important to ensure that your Will reflects your wishes in this ever-evolving world, particularly as we just don’t know what life may throw at us. As much as it is advisable to ‘future proof’ your Will when making it, we still cannot be sure that our wishes today will be the same in 5- or 10-years’ time.
For instance, children or grandchildren may come along that are not mentioned in the documents. If they aren’t, it is important to review your Wills and include them in a new version, if those are your wishes.
Additionally, other family changes like marriage, divorce or the passing of a loved one, may necessitate making a new Will, as marriage in particular has the effect of revoking any previous Wills you may have made. If you have remarried and have children from a previous relationship, this could leave your kids in a difficult situation upon your passing.
It’s not only big familial changes that might mean your Will should be reviewed. If, for instance, you have inherited a large sum of money or your property has increased significantly in value, you may be nearing the inheritance tax threshold. By contrast, if your estate has decreased in value, you may want to alter the amounts you have left to your family members to ensure that everything remains equal.
A valid Will is essential if you want to ensure that your final wishes are carried out. At Mander Cruickshank Solicitors we recommend that if you made your Will more than 5 years ago, or if any of the above circumstances have triggered alarm bells, you should consider reviewing your Will.
Our expert Solicitors within the Private Client team can provide advice regarding everything outlined above, and tailor their suggestions to your personal circumstances. Please do get in touch for further information on 01530 510 666.
