Legal

THE IMPORTANCE OF REVIEWING YOUR WILL

Emma Batstone, Solicitor, Private Client, Mogers Drewett

AWill is never high on our list of priorities, after all none of us want to dwell on what would happen if we weren’t around – but if 2020 has shown us anything it’s that life can certainly be unpredictable.

An out-of-date Will can often cause more problems than not having a Will. So, in order to protect your loved ones, it is vital that you regularly review your Will (the suggestion is every five years). The following reasons may prompt you to revise your Will.

You had a family If you have children, it is important to review your Will to ensure that it makes provision for your children in the event of your death. This includes appointing a Guardian who will be responsible for the care of your child.

Your financial circumstances have changed If your financial circumstances have improved, this could alter the Inheritance Tax (IHT) liability of your estate. Altering how your estate is distributed, for example leaving gifts to charity, could mean that you benefit from the reduced rate of Inheritance Tax as well as supporting a good cause.

You have married/divorced Marriage automatically revokes your Will and therefore it is essential to update your Will as a newly wed. Although divorce only revokes the clauses relating to your ex-spouse, you should review your Will to ensure that it is still valid to prevent your estate being administered under the laws of intestacy.

Changes in the law Tax legislation is constantly changing and therefore it is important to review your Will in line with this. For example, when the Residence Nil-Rate Band in 2017 was introduced, many people reviewed their Will to ensure that their estate could benefit from the new relief.

An executor or beneficiary has died If an executor or beneficiary named in your Will has died, it is important to ensure that your Will provides for a replacement executor to act or a substitute beneficiary to inherit. If your Will does not make these provisions, your estate could be administered under the intestacy laws which may not reflect your wishes.

If your circumstances have changed ensure that your Will still looks after your loved ones after you have gone.