When did you last review your will?

When did you last review your will?  The main reason for making a Will is to ensure that those we leave behind are properly provided for in the manner we would like. There may also be important tax implications to consider which can be expensive to ignore, but they should not be allowed to override the main purpose of the Will.

Unfortunately, once made, many Wills are left to gather dust in the solicitor’s cellar until required many years later following the testator’s death. At the time the Will is read, the needs and circumstances of many beneficiaries may be significantly different to those which existed when the Will was originally drafted, and, had he thought about this, the testator may have preferred his estate to be distributed in a different way.

All Wills should be regularly reviewed to ensure they remain relevant to events which may have taken place over several years. The most likely matters which can necessitate a Will being updated are:

• Additions to the family, eg new children or grandchildren, nephews and nieces which need to be catered for.
• Guardians may need to be considered or amended for minor children.
• The value of the estate may have increased in value.
• Previous inheritances under which certain items are traditionally handed down through the family in a particular way.
• Some of the original named beneficiaries have become very rich in their own right and therefore the estate could pass to other beneficiaries.
• Some of the original beneficiaries may sadly have died, as may the original executors.
• Marriages, civil partnerships, separation divorces and dissolutions within the family may need to be considered (both current and future).

Particular thought should be given to who could potentially have a claim to family assets (such as shares in the family company or other family property if they are not left sufficient provision in the Will). Also there may be individuals who are considered too young, too foolish or undesirable to receive a substantial inheritance. The protection of family assets (such as the family company) via a Will Trust may be appropriate.

It is a good idea to take a fresh look and review your Will every few years, particularly following life changing events, and with a view to potential events on the horizon.

A clear up to date Will is vital to avoid any misunderstandings after death during what will be a very distressing time.

If you would like more advice regarding your specific circumstances, please do not hesitates to contact Rachael Dronfield.