Most people know the benefits of having a proper Will in place but not everyone knows when or how often to review them. Set out below are three important times to review your Will.
The first situation in which you should review your Will is if you go through a major relationship change. For example, when you get married any Will that you have is automatically revoked (unless there is provision in your Will for the expectation of impending marriage). This means that you will need to redo your Will to make sure you have something in place which accurately reflects your wishes. On the other hand, if you were to get divorced this does not automatically revoke your Will. Any Will that you had in place would still be valid, but it will be read as if your ex-partner died on the date of your divorce. This may invalidate your Will or mean that your wishes can not be followed in the way that you would like.
Secondly, it is important to review your Will if you buy a house. Buying a house is quite possibly the biggest purchase you will ever make. Therefore, you put a lot of consideration and thought into the process, but it is easy to forget to make provisions for what will happen to your property after you have passed. With such an important purchase, you want to make sure it is left to who you want it to be. This can be done through reviewing and, if you need to, updating your Will.
Lastly, it may be prudent to review your Will if someone new comes into your life. This could be anyone from the birth of a new family member, a new son or daughter in law or even a new friend. You may want to check if the current provisions in your Will still cover all your wishes or whether you may need to change it to reflect this new relationship.
In any event it is important to look into preparing a Will if you do not have one. Having a Will gives you the peace of mind that you know what will happen after your death. It also means that your loved ones won’t have the worry that your wishes are not being followed at an already very difficult time. Within your Will you can specify who you want to deal with your estate, where you want your estate to go, and, although the only not legally binding part, you can even specify any wishes you have in relation to your funeral.
If you are looking to review your Will, our team at Ellisons are here to help. Please get in touch with our Wills, Trusts & Probate team who will be happy to assist and guide you through the process.