Why you should review your Will on a regular basis

We conduct many important tasks in life that we triumphantly tick off the ‘to do’ list and set a reminder to revisit as and when required – MOTs, renewing home insurance, tax returns; the list goes on.

Many of these tasks and arrangements change over time – our car may need a service, or we may need more comprehensive home insurance due to a significant purchase, for example.
As life goes by, our circumstances change; that’s a given. We consequently adapt as necessary. However, when it comes to one of the most important tasks we’re likely to ever make – our Wills – we can surprisingly convince ourselves this is a one-off event. We make our Will, tick it off the list and forget about it.

However, with the fast and ever-changing nature of our lives, it’s important that our Wills reflect current circumstances. What was relevant and correct five years ago may not be today.

Here are five reasons why it is prudent and beneficial to review your Will on a regular basis, ensuring in the process that your legacy is your loved ones’ future:

• Change to a relationship(s)

Relationships are dynamic and ever-changing. Whether it’s the joy of a new arrival, the joining of two people – perhaps a child getting married – or, on the other side of the coin, the irreparable breakdown of a relationship, can you be sure that the latest version of your Will accounts for such relationship changes?

• Change in life circumstances

Reviewing your Will

Our assets in various forms – from real estate, pensions and savings to name but three – are in a constant state of flux; we plan for a secure financial future, but we cannot predict everything. Have you checked last week’s lottery results, for example? Have you benefited from an unforeseen cash windfall? Our wealth and assets are anything but linear, so can we really rely on a Will that may not have been looked at in years?

• Change in tax laws

Reviewing your Will

Is your Will compliant? Is it working as hard for you as it can do? Do changing external factors, such as a governmental change in legislation or adoption of a new form of financial practice, mean your Will is not as up to date as it could be? Tax laws and legislative changes don’t happen every day, but they do happen. Unused inheritance tax nil-rate band allowances, for example, can be transferred between estates of married couples and civil partners as of 2007. Have you reviewed your Will since then?

• Peace of mind

Reviewing your Will

At the crux of why Will making is such a common practice – and has been for centuries – is our desire to ensure the estate we have accrued through a lifetime of hard work are assigned exactly how we wish with no misinterpretation. By not reviewing our Wills regularly, can we be sure the current guise constructed in a different period of our lives ensures our wishes are explicitly fulfilled?

At Wills & Trusts, we know how important getting your financial affairs in order are for you and your loved ones, and how crucial it is that your hard-earned estate, built up of valuable assets both financially and emotionally, is secure and legally binding.

Get in touch with our friendly, experienced team today to set up a free, no obligation discovery session to see how we can help, allowing you to get on with living your life.

Paula O'Reilly

March 1, 2021