Why You Should Review Your Will
YOU are ahead of most people and have actually taken the time to address the problem and have written a will.
Well done – far too many people do not have wills prepared, whether they are avoiding the topic or just never quite get round to it as there is always tomorrow. Until there is not anymore.
But is that the end of the matter? Are you just going to pop it into the filing cabinet and forget about it, knowing everything is in place for the right people to pull out after you have gone and get on with delivering your final wishes?
Wills are – forgive the pun – a living document. Your life changes, which means your will may well need to change to stay up to date with your evolving circumstances and wishes.
As a rough rule, a will should be reviewed every five years. It is surprising what may have taken place you had not stopped to consider, and even if you conclude all is well and no alterations are needed, then you have that peace of mind.
Just think what can happen in five years – you may marry, or have children, or have a death of a spouse, or get divorced, to name but a few life-changing events.
And any one of these is likely to mean a change in your will – the single person who marries presumably now wants to leave their wealth and possessions to their partner rather than their siblings, parents, or a favorite charity.
New parents will want to consider carefully how to best provide for their children – especially while young. Single parents need to consider who would have both the privilege and burden of bringing up their children if they are gone, and how that is to be paid for.
The death of a spouse means your will probably needs entirely rewriting as the common will for a couple is an all-to-the-other arrangement, but if your partner died first, and you do not update your will, that can cause a big headache for the executors and family members as they must work out through probate how to divide the estate.
And divorce is a key reason to revisit the will – if the former spouse is the named beneficiary in a will, it will be rather difficult for any new partner to inherit. As blended families become ever more common, it is vital a will carefully reflects how you wish your spouse and children – biological and step – are to be provided for.
In addition to personal life changes, legal changes could also affect your intentions – changes in tax and inheritance law, property law and family law especially could have a big impact on how you have structured your estate and need to be taken into account.
Reviewing a will need not be an arduous task – after all, you did the hard part by writing one initially. It may be nothing that needs altering, or perhaps only minor alterations are needed which can be taken care of with a simple codicil to the original. Regardless, it is worth seeking legal advice to ensure your wishes are properly documented and ready to go.
