Making a will is one of the most important steps you can take to protect your loved ones and ensure your wishes are carried out. However, creating a will isn’t something you should do once and forget about. As life changes, your will should too.
Here are seven signs it may be time to review or update your will.
1. You’ve Got Married or Entered a Civil Partnership
Marriage or a civil partnership can have a significant impact on your estate planning. Reviewing your will ensures it reflects your current wishes and provides for the people who matter most to you.
2. You’ve Separated or Divorced
If you’ve separated or divorced, it’s a good idea to review your will as soon as possible. You may want to update who inherits your estate or who you’ve appointed as your executor.
3. You’ve Had Children or Grandchildren
A new addition to the family is a great reason to revisit your will. You may want to include provisions for children or grandchildren, or appoints guardians for young children.
4. You’ve Bought or Sold Property
Buying your first home, moving house or selling property can all affect your estate. Reviewing your will helps ensure it still reflects your assets and intentions.
5. One of Your Executors Can No Longer Act
If an executor has passed away, become unwell or is no longer the right person for the role, it’s sensible to appoint someone else.
6. Your Financial Circumstances Have Changed
If you have started a business, receiving an inheritance or significant changes to your savings and investment are all reasons to review your estate planning.
7. It’s Been More Than Five Years
Even if nothing major has changed, it’s good practice to review you will every few years. Your circumstances, relationships and the law can all change over time.
Don’t Leave It Too Late.
Reviewing your will regularly can help ensure it continues to reflect your wishes and gives your loved ones clarity when they need it most.
Whether you are making your first will or updating an existing one, our team is here to help.
Get in touch today!
