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I already have a Will, why do I need to update it?

Posted: 18 June 2021

Whatever your experience of the last 18 months, the uncertainty and loss of control have forced us all to focus on the most important things in life.

For such a long time, eating out, going to the cinema and even going to the gym were things of fantasy, so instead our lives were filled by spending time with family (virtually or otherwise), running errands for neighbours and caring for those closest to us. It is only natural then, that for many, this time has made us think about our own mortality and shown us the importance of ensuring our affairs are in order, should the unthinkable happen.

It is unsurprising, that many law firms reported a huge spike in the number of new Will enquiries last year, but what about those who already have Wills? Is it really necessary to review and update an existing Will?

In short, the answer is yes. There are a number of reasons that we at THB Solicitors strongly encourage you to review your Will at least once every two years;

Change in Circumstances

First and foremost, circumstances change, babies are born, relationships breakdown and family members marry. All those things can change how you wish to leave your Estate.

Some changes of circumstance make it crucially important to review your Will. If, for example, you marry or enter a civil partnership, any existing Will in place at the time of your marriage is rendered null and void (unless there is specific wording to the contrary in your Will).

Changes in the Law

The law is constantly evolving and developing. The chances are, if you have had the same Will in place for many years, the advice you received at the time you made your Will, may now differ considerably.

There have been changes to the application of the inheritance tax rules over the last few years particularly for those leaving a Property to children or grandchildren. By reviewing your Will and seeking up to date advice from a Solicitor, you can ensure that your Estate is dealt with in the most tax efficient way possible.

Change of Solicitor

From time to time, firms close and Wills are passed to a new firm to look after. By regularly reviewing your Wills, you can ensure your records accurately reflect where your Wills are stored. This can be extremely helpful for your Executors when it comes to administering your Estate.

Peace of Mind

Regularly reviewing your Will, means you can ensure that your Estate will be dealt with in the manner you wish when you pass away. Whilst none of us know what the future holds, with a properly prepared and up to date Will you can take comfort in the fact that your loved ones are looked after when the time comes.

If you have an existing Will that may need updating, or you are yet to put a Will in place, we at THB Solicitors are here to help.

We can take instructions at our offices, over the telephone or video call or by way of a FREE home visit. Call us today on 01702 298282 or 01245 493959 to arrange an appointment to review, amend or prepare your Wills with one of our qualified, experienced Solicitors.

 

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I already have a Will, why do I need to update it?

For such a long time, eating out, going to the cinema and even going...

- 18 June 2021