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Mogers Drewett: The importance of reviewing your Will

A Will is never high on our list of priorities, after all none of us want to dwell on what would happen if we weren’t around – but if 2020 has shown us anything it’s that life can certainly be unpredictable.

An out of date Will can often cause more problems than not having a Will. So, in order to protect your loved ones, it is vital that you regularly review your Will (the suggestion is every five years), however the following reasons may prompt you to revise your Will.

You had a family

If you have children, it is important to review your Will to ensure that it makes provision for your children in the event of your death.

Your financial circumstances have changed

If your financial circumstances have improved, this could alter the Inheritance Tax (IHT) liability of your estate.

You have married/divorced

Marriage automatically revokes your Will and therefore it is essential to update your Will as a newly wed. Although divorce only revokes the clauses relating to your ex-spouse, you should review your Will to ensure that it is still valid to prevent your estate being administered under the laws of intestacy.

Changes in the law

Tax legislation is constantly changing and therefore it is important to review your Will in line with this.

An executor or beneficiary has died

If an executor or beneficiary named in your Will has died, it is important to ensure that your Will provides for a replacement executor to act or a substitute beneficiary to inherit.

So if your circumstances have changed and you want to ensure that your Will looks after your loved ones after you have gone, please call David Hill or Hannah Welbourn today on 01225 750000 or email david.hill@mogersdrewett.com, hannah.welbourn@mogersdrewett.com to arrange a review.