How Often should You Update your Will  

As a general rule, we recommend you should review your Will at least every 5 years to ensure it is kept up to date with your circumstances and the law. However, you need to update your Will if there are any big changes in your life. 

Relationships  

Marriage automatically revokes a Will, so you need to ensure you create a new Will after you are married. If you are planning to get married soon, you can create a Will in contemplation of marriage and your Will would not become void.  

Divorce does not revoke a Will, however, your Will be read as though your former spouse has pre-deceased you. It is still important you update your Will after a divorce as your financial circumstances may have significantly changed due to the divorce and you need to ensure your Will still suits your requirements.  

If you live with someone as cohabitees, your Will can protect your cohabitee from eviction from the property upon your death and include provision to allow the cohabitee to live in the property for a certain amount of time, before the property passes to your beneficiaries.  

Children or Grandchildren 

You need to update your Will if you have a child to include: 

• The Appointment of Guardians  

In your Will you can appoint Guardians, relatives or friends you trust to look after your children until they reach 18.  

• Provision for your children or grandchildren  

You need to ensure your children or grandchildren are well looked after, but ensure significant funds are not given to your children or grandchildren before they may be able to maturely handle such funds. A Will can include provisions for your children or grandchildren to be financially supported after your death, but with restrictions on the age they are to inherit such funds. You can appoint relatives or friends to hold your children or grandchildren’s beneficial entitlement on trust for them until they reach financial maturity, or in circumstances whereby your children or grandchildren have matrimonial issues.  

Buying a New House  

If you have purchased a new home, we can review your Will and your property ownership documents to ensure your property will pass to who you wish upon your death.  

Death of a Relative or Friend  

If someone you have appointed as an executor in your Will passes away, you should review your Will and appoint someone else to act in their place.  

If one of your beneficiaries has passed away, you need to review your Will to ensure there are provisions for default beneficiaries who will receive your loved one’s share of your estate and that you are happy with the provisions.  

Long Term Care Plans and Asset Protection  

We can review your Will to ensure the trusts included are the most effective at protecting your assets.    

Changing Laws and Tax Rates 

Changing Inheritance Tax Rates means Inheritance Tax may be chargeable on some or all of your estate if Inheritance Tax Rates have increased since you last reviewed your Will. Reviewing your Will may enable you to mitigate the impact of the tax change.