When to look at your Will
It is important that your Will accurately reflects your current wishes, however much they may have changed.
The Will you make soon after your marriage, or after the birth of your first child in your 30’s, may be quite different to the Will you wish to make at 75 after children, grandchildren, possible divorce, and retirement. Therefore, it is prudent to review your Will periodically throughout your life.
So, the question is; when should you be reviewing your Will?
Here at BTMK we advise our clients to have a think about their Wills when particular life events occur, such as:
- Relationship changes: Usually romantic relationship changes prompt a review of someone’s Will. Assets in your marriage/divorce/split will likely be effected by relationship changes but also things like life insurance policies and pension policies may be effected. Changes to non-romantic relationships also apply here.
- Becoming a parent: This is usually the first prompt for people in their lifetime to consider their estate planning/making Will.
- Becoming a grandparent: Often, clients becoming grandparents have already made their Wills but this is a great time to review the Wills and gift something to the grandchildren. This may also be a time to consider more estate planning and gifting in your life time.
- Losing a spouse: This is always a sad time and unfortunately a time when it is prudent to get affairs in order. A new Executor may need to be appointed or a property transfer dealt with. A person’s Estate may also increase significantly due to pay outs from insurance and this might be the time to consider more estate planning.
- Bad health: Many also find some catharsis in getting their affairs in order during this time. This may also be a good time to consider lasting powers of attorney.
- Asset change: Inheriting from parents or if purchasing a property are good times to consider making a Will or reviewing a current Will.
In any event it is good practice to read your Will every 3-5 years and to make sure you understand what it does and that it still does what you want.
If you have any questions concerning the above or would like to make an appointment with us, please contact one of our highly experienced Wills and Estate Planning experts on 01702 474149 (Leigh on Sea and Southend) or 01268 774073 (Rayleigh).