|
WHEN TO REVIEW YOUR WILL
Once you have a Will it is important that your review it every 3 to 5 years to make sure that no changes are necessary. The following list gives examples of when you should review your Will, there may be other circumstances as well and if you are in any doubt we will be happy to advise you.
Change of Ownership of Your House or Other Property
If you have bought, sold, mortgaged, re-mortgaged or changed the way in which you own your home or other property, your Will may need to be amended. This includes, for example, if you own property as joint tenants and transfer it into tenants in common or vice versa.
Acquiring Assets Abroad
If you obtain property, investments or any other asset outside England and Wales, you may need to make a foreign Will to ensure that the property passes how you wish. This includes assets acquired in Scotland. If you need to make a Will abroad, it is essential that you review your English Will to ensure that it is not revoked.
Marriage, Divorce, Registered Civil Partnership or Dissolution of a Registered Civil Partnership
Marriage and forming a Registered Civil Partnership will automatically cancel your Will unless you have specific wording in your Will to prevent this occurring. We can draw up a new Will in advance of the ceremony to ensure that your Will remains valid. If you are going through a Divorce or Dissolution, you should review your Will as soon as possible, to ensure your assets pass how you would wish.
Death of a Beneficiary and Death or Incapacity of an Executor
You may need to change your Will to ensure you have disposed of all your assets and that there is an Executor capable of administering your estate.
Disposal of/Changes to Specific Gifts
If you have left a particular item in your Will that you no longer own, the gift will fail entirely a substitute will not be given in its place unless you have specified otherwise. You may therefore wish to amend your Will to replace the gift with another item.
Change of Financial Status
If your wealth increases, for example through an inheritance, you should review your Will. It may be that changes to the way you leave your assets would be wise to avoid Inheritance Tax. If your Will already includes Inheritance Tax planning, further steps may need to be taken.
Birth of a Child or Grandchild
It is always advisable to review your Will on the birth of a a child or grandchild. It is particularly important on the birth of a child as you will be able to appoint a guardian to care for the child if you die. If you have already appointed a guardian for existing children you should still review your Will to ensure that the wording is such that the new child is included in any guardianship appointment.
On the birth of a child or grandchild you may wish to amend your Will to include them in any gift of your assets.
|