Your will is one of the most important legal documents you will ever create. It ensures that your wishes are respected and that your loved ones are taken care of after you’re gone. However, many people draft a will and then forget about it. Life, as we know, is full of changes—marriage, divorce, the birth of children or grandchildren, new business ventures, and even changes in financial circumstances. If your will doesn’t reflect these changes, it might not fulfil your intentions when the time comes.
Why Should You Review Your Will?
Major life events can significantly impact your estate planning. Here are some key moments when updating your will is crucial:
1. Marriage or Civil Partnership
Getting married or entering a civil partnership can automatically revoke an existing will in England and Wales unless it was written in contemplation of the marriage. If you don’t update it, your estate may not be distributed as you intended.
2. Divorce or Separation
A divorce does not invalidate your will, but it does remove your ex-spouse from any role or inheritance they were previously entitled to. However, if you separate without legally divorcing, your spouse may still have a claim. Updating your will ensures clarity and prevents unwanted disputes.
3. Birth of a Child or Grandchild
The arrival of a new family member is a perfect time to update your will. You may want to include provisions for their future, appoint guardians, or set up trusts to support them as they grow.
4. Changes in Financial Situation
A significant change in wealth—whether through inheritance, investments, or business success—can affect how you want to distribute your assets. Ensuring your will aligns with your financial status helps protect your legacy.
5. Buying or Selling Property
Acquiring a new home, business, or other valuable asset means updating your will to reflect these changes. Similarly, selling off assets mentioned in an old will may leave unintended gaps in your estate distribution.
6. Changes in Family Dynamics
Relationships evolve over time, and you may wish to include or exclude certain individuals in your will. A regular review ensures that your current relationships are accurately reflected in your estate planning.
How Often Should You Review Your Will?
A good rule of thumb is to review your will every three to five years or after any major life event. This ensures that your document remains legally sound and continues to reflect your wishes. Regular reviews also allow you to take advantage of any changes in inheritance tax laws that may impact your estate.
The Risks of an Outdated Will
Failing to update your will can lead to unintended consequences, such as:
Assets being distributed in a way that no longer aligns with your wishes.
Delays in probate, causing additional stress for your loved ones.
Increased risk of family disputes and legal challenges.
Potentially higher inheritance tax liabilities.
How Peritum Wills Can Help
At Peritum Wills, we understand that life is ever-changing. That’s why we offer professional will-writing and review services to ensure your will remains up to date and legally robust. Whether you need a simple update or a complete revision, we can guide you through the process with clarity and expertise.
Don’t leave your estate to chance—review your will today to ensure peace of mind for you and your family.
Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice. Please contact us for specific advice in your circumstances.
The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.
Peritum Wills is not authorised or regulated to provide financial advice.
Tax laws are subject to change and taxation will vary depending on individual circumstances.
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