When Should You Review or Update Your Will?

When should you review your will?

Creating your will is only the first step – as your life and relationships change, so should your will.

Setting aside time to review and update your will every few years ensures that it is still legally enforceable and reflects your wishes.

At Hibberts Solicitors, our wills and probate team have been helping families across Cheshire and Shropshire to create robust wills and plan for the future since 1799.

In this article, we explain why it’s so important to keep your will up to date, the risks of not doing so, and the key life events that should prompt you to review it.

How often should you review your will?

So, how often should you update your will in the UK?

Government guidance recommends that everyone should review their will every five years – but there’s no harm in doing it more often!

Over time, changes in your relationships with the people named in the will, assets, or personal circumstances may mean your wishes are no longer the same as when you first made the will.

Even if it feels like nothing big has changed in your life, new inheritance tax rules or other new laws could mean your will needs updating.

There are also certain significant life events that should always prompt you to review your will and update it accordingly. We’ll explore these next.

After which life events should you review your will?

Certain life events can impact the validity of your will and change your priorities when it comes to how you want your estate to be distributed.

Below, we’ve listed some key life events that should prompt you to either make a new will UK, or review and update your existing will as soon as possible.

Getting married or entering a civil partnership

This is a big one. Many people don’t realise that when they get married, their existing will is no longer valid. So, if you die after getting married and you haven’t made a new will, the Rules of Intestacy would then decide who inherits what. Therefore, it’s very important to make a new will as soon as possible after getting married. In certain circumstances, it is also possible to make a will in expectation of your intended marriage.

Getting divorced or separating

Once your divorce is final, your will is read as if your ex had died before you, meaning they can no longer act as an executor or trustee or inherit anything under the will. However, the divorce process takes a minimum of six months, and during this period of separation, before the divorce is finalised, the existing will is still valid. If you don’t want your ex to inherit from you, it can be a good idea to make an interim will as soon as you separate and then update your will once the divorce has been finalised.

Having children or grandchildren

When a new addition is added to the family, you’ll need to review and update your will if you wish to include them as a beneficiary. It can also give you peace of mind to appoint legal guardians for your children if they are under 18. This means that if something were to happen to both you and the child’s other parent, you get to nominate who should raise them, rather than the decision being made by the courts.

Buying or selling a property or business

If you sell a property that you planned to gift to someone in your will, then your will should be updated to ensure the beneficiary is still provided for fairly. Similarly, if you buy a property, then you should think carefully about who will inherit this and how to minimise inheritance tax.

Financial changes

If there have been substantial changes to your assets or finances, then you should revisit your will to see if you need to make any changes to the way you plan to divide and distribute your assets. If your financial situation has changed considerably, it’s a good idea to speak to your solicitor about what inheritance tax implications this could have.

Changes in your relationship with or the circumstances of people named in the will

It’s not just changes to your own circumstances that could impact your will. You also need to consider whether the people named in your will have experienced any significant changes in their circumstances that could mean they are no longer willing or able to act as your executor.

For example, you may need to update your will if someone you have named:

• Dies
• Moves away
• Becomes unwell
• Has had a change in relationship with you.

In these situations, you may want to consider updating your will to appoint a new executor or change the way your assets are distributed.

Contact Hibberts Solicitors for help reviewing and updating your will

Failing to keep your will up to date can have serious consequences for your loved ones. An outdated will could lead to unintended beneficiaries, delays in administering your estate, potential will disputes, or, in some cases, your estate being distributed according to the Rules of Intestacy.

Whether you need help creating a will in Northwich, reviewing a will in Crewe, or updating your will in Nantwich, our specialist team can provide clear, tailored legal advice to ensure your will reflects your current circumstances and future wishes.

Contact our team of wills and probate solicitors in Cheshire by calling 01270 624 225 or emailing enquiries@hibberts.com and find out how to change your will to ensure your wishes are clearly set out and legally protected.