Many people often think that they only need to draw up their Will once throughout their lifetime. Making a Will and keeping it up to date is the only way to ensure your chosen family members, loved ones, friends and charities will benefit exactly as you want them to. It is recommended that you review your Will every five years or following a major life event, to ensure that it accurately reflects your wishes.
The following circumstances are the most common reasons why you may choose to review your Will:
- You have recently got married.
- You have recently got divorced.
- You have bought or sold a property.
- You have acquired or disposed of a business.
- You have experienced the loss of a loved one who is named in your Will.
- You would like to remove a Beneficiary.
- You would like to make provisions for future care or funeral arrangements.
- Your Will no longer reflects your current circumstances.
- You would like to make a charitable donation.
- Additional Beneficiaries such as children or grandchildren have been introduced to the family and you wish to include them in your Will, or if you wish to appoint Guardians.
If 5 years have passed since you last reviewed your Will but you do not think that your circumstances have altered, it may still be necessary to review your Will as information regarding Beneficiaries, Executors or Trustees may need updating. If you wish to change your Executor(s) or if your Executor(s) die or loose the capacity to be able to act on your behalf, you can appoint alternative Executors by reviewing your Will.
Legislation is constantly changing, and this includes rules regarding tax, property, and inheritance. Reviewing your Will every 5 years is vital to ensure that your future plans are in line with the latest legislation. Your wishes may not be followed exactly as you desire if it is not in accordance with current guidelines.
If you choose not to review your Will, your Estate may not be distributed in a way which reflects your current situation. Updating your Will not only gives you peace of mind from knowing that your affairs are in order, but it will also relieve your loved ones of any unnecessary stress in the future.
When reviewing your Will, your Lawyer will examine the document attentively to ensure that everyone who you wish to be included is named, and to make sure that you are happy with how your assets are said to be distributed. Depending on the volume of amendments which need to be made, our Wills & Probate Lawyers can help you to review and update your Will by either drafting a new Will or by making amendments to the original document. Your Lawyer will advise you on the best route to take based on your requests and they will ensure that your new wishes are accounted for, thereby, substituting your previous wishes.
Whether you wish to write your first Will, or you would like to make amendments to your current Will, our Team of Wills & Probate Lawyers can help you. Our Specialist Lawyers help Clients across the East Midlands and rural Lincolnshire to include Skegness, Boston, Sleaford, Lincoln, Scunthorpe and Grimsby to write and amend their Will. For more information, or to arrange a telephone or video appointment, please contact Hodgkinsons Solicitors, Skegness, by calling 01754 897150. To submit your enquiry now, please complete an online contact form and a member of the Team will call you back.