If you have your Will prepared and in place, then you’ve already taken care of one of the most important documents for you and your family. But how long ago did you prepare it and has there been any changes to your circumstances, finances, or relationships since then? Making a Will shouldn’t be seen as a one-off project, so if yours was written more than three years ago, here are 5 good reasons to update your Will.
Our Top Reasons To Update Your Will
1. Changes To Your Family
Changes to your family can happen quickly and often and your situation may have changed since you made your will. For instance, you may have got married, remarried, divorced, had children or grandchildren, or your spouse may have passed away. And any family members who you’ve nominated as a beneficiary in your will may also have passed away, as well as anyone you’ve chosen as an Executor, Trustee, or Guardian.
It’s important to think about whether your current Will takes these events into account, so you should make adjustments based on these changes.
2. Changes To Your Assets
Generally, your greatest asset is your home, alongside any other property you might own. But have you sold your home or bought any new property? Any big changes like this would invariably affect your Will, but actually making changes to your Will can often get overlooked.
This is another good reason to update your will. You should make sure all your assets are included so no one in your family is left wondering about any particular assets that aren’t mentioned.
3. Changes To Your Taxes
If it’s been sometime since you made your Will, there’s a good chance government tax legislation may have changed or been amended. In this case, your Will might not reflect the latest tax laws. For example, you may have inherited money since making your Will which could affect your estate.
You should also re-evaluate how your assets are to be distributed and review any potential tax liabilities. There was also a major increase in Inheritance Tax allowances in 2017, but only if certain conditions are met.
4. Add More Protection
As life can be unpredictable, updating your Will and reviewing it to give more protection for your family should always be considered. For example, you or your spouse may die suddenly and without warning. Would you or your spouse remarry? If so, this could cause problems for your family, as the new spouse and their children could benefit before your own.
Or perhaps one of you may die with the survivor needing to go into care. Care home fees could cost around £38,000 a year in the South East, so checking that your Will takes this into account may prove important to your families in due course. A protective Will can safeguard against problems including having to sell your home to pay for care home fees.
5. Lessen The Risk Of Challenge
There are many scenarios where the challenge of a Will can come into effect. As mentioned above, if your spouse remarries, your own children may miss out on inheritance leading to a challenge against your estate and the wishes of your Will. And if you decide not to leave anything to certain family members or dependants, it opens up the potential for a future claim.
Where There’s A Will, There’s A Way
There are plenty of reasons that our 12,000 clients give us when they review their Wills. But the Will Power team always aims to make sure that, in the event that you pass suddenly, no ambiguities are left for your beneficiaries to have to deal with.
If your Will is more than three years old, now’s the time to review it and make any necessary changes. Get in touch with us today by calling the team on 0208 568 9602 or emailing us at enquiries@willpowergroup.com.
