Over half of people have not updated their Will. That’s according to a recent online poll. The survey found that while people have started to recognise the importance of Wills when it comes to establishing their final wishes, the majority are still unaware of the need to review them.
However, life can change quickly, so it is recommended that you review your Will after any significant life event, or every five years.
When do you need to update your Will?
The poll shows that people are largely unaware of the impact legislative and domestic changes can have on the distribution of their estate.
For example, even where a Will already exists, most people don’t know that getting married automatically invalidates it.
Here are just some of the instances when you should check your Will:
- The birth of a child or grandchild
- When buying a home (or other property)
- When getting married
- If you inherit any money or property
- If you get a divorce
- If you remarry
- If you sell a home (or other property)
- If you start a second family
- If you need care and assistance.
Each of these circumstances will have an impact on your Will and some could even nullify it. Likewise, increases (or decreases) in wealth also require a Will review as it is crucial to ensure it reflects your current financial situation. That’s why, even if everything else stays the same, it is important to review your Will at least once every five years.
Regulatory amendments, such as inheritance tax changes, should also prompt a review to make sure you are taking advantage of all available exemptions and allowances.
Updating your Will is easy
Efficient and regular planning will give both you and your family peace of mind, and minimise the amount of inheritance tax due. By speaking to one of our expert team and taking the time to update your Will, you can help to ensure that your wealth is passed on in-line with your wishes.
We can provide all the guidance you need to update your Will so that it accurately reflects your wishes. Call us on 01243 216900 or email us at firstname.lastname@example.org.