Not only is it important to make a valid Will, it is also worth ensuring that your Will remains up to date, which is something that can often be overlooked.

We would recommend that you review your Will regularly, at least every few years, to ensure that it is in line with current tax and drafting practice and also reflects any changes to your personal and financial circumstances.

Reasons why you should update your Will

There are numerous instances when it may be a good time to review your Will, some of which we have listed below:

• After marriage, civil partnership or divorce. Any previous Will either party has signed is revoked upon entering a marriage or civil partnership, unless it is made in contemplation of the marriage or civil partnership. Consequently, you could be left without a valid Will. In contrast, divorce or dissolution of a civil partnership does not revoke a Will but does cancel any benefit to a now ex-spouse/ex-civil partner or any appointment of executorship conferred on them.
• The birth or marriage of children or grandchildren. It is important to consider appointing a guardian to look after your children (should you die before they turn 18). If your child has married, you might want to discuss the benefits of adding a Trust into your Will. With regards to grandchildren, you may wish to provide a cash legacy for them, to give an example.
• Moving to a new house. You may not need to make any significant changes, but it is good practice to provide a signed letter/note to store with your Will noting your change of address. It is also worth checking how you own a property with someone else as this will affect how it will pass on your death.
  It is important for cohabiting couples to understand that they do not have the same legal rights as married couples. If you want your partner to inherit from your estate, they need to be included in your Will.
• Purchasing high value items, such as a second property or an expensive car. You may want to ensure these are specifically referred to in your Will, so they pass as you would like.

Smaller changes

In the event of any of your chosen executors or beneficiaries under your Will moving address or changing their name, as noted above it is good practice to provide a signed letter/note to store with your Will evidencing the change.

It is also worth bearing in mind that a Will only takes effect at the date of your death and so until that time, a Will may be altered by form of a Codicil or may be revoked entirely by making a new Will. 

How Neves can help you

Neves can review your existing Will with you or prepare a Will for you, having regard to your own individual circumstances and wishes and above all to ensure that you have provided for your loved ones as desired. 

Call us on 0330 0945 500, email info@nevesllp.co.uk or complete our Contact Form and we'll get back to you.