Once you have taken steps to make a Will, it is equally important to keep it under review and to make any changes which may become necessary as soon as possible.
There are certain life events which may either cancel your Will altogether, or which would require changes to made to ensure that your wishes would be carried out. Unless you remember to review and update your Will from time to time they can become outdated for your circumstances and wishes, although could remain valid in the event of your death.
The main reasons for updating your Will might be:
Unless a Will has been made and stated to be “in contemplation of marriage” the event of your marriage/civil partnership would automatically cancel your Will. Your assets may no longer pass to the beneficiaries you wish them to do so.
Or as your children reach adulthood.
Or a change in financial circumstances for example upon receiving an inheritance or windfall, or purchase of a property.
Whilst ever you remain legally married, without a Will stating otherwise, your legal spouse would still be entitled to receive some or all of your estate.
You might need to consider appointing different Executors, or providing a substitute beneficiary.
At HSR Law we recommend routinely reviewing your Will every two or three years at least, but you should seek professional legal advice in the event of any of the above circumstances. Don’t leave it to chance as to how a change in circumstances can affect your Will.
Our Wills Team are very happy to review your current Wills at any stage, including Wills which have been made with another company.