When Should You Review Your Will?

 Making a will is obviously important, but it's equally important to keep it up to date and reflect your most recent wishes and any changes in circumstances. If not, it might pose issues for your loved ones after your death. A lawyer from a Wills specialist Market Harborough might help you to write a will that is as "future-proof" as possible. However, to try to avoid any of these issues, it's generally a good idea to review your will every five years, unless there have been significant changes in the circumstances, such as:

The Birth of Children or Grandchildren

In order to ensure that your children inherit as you want to, you must specifically provide for them in your will. Additionally, if you have children under the age of 18, you have the opportunity to name a guardian through your will so that, in the event of your passing, your children's welfare will be taken care of by individuals of your choosing. It is also beneficial to include provisions for gifts to your grandchildren in your will if you wish to do so.

Marriage or Divorce

Any Will you made prior to getting married is automatically revoked after tying the knot. As a result, it is no longer valid and has the same effect as if you had never created a will. Therefore, it's essential to review and update your will after marriage. While divorce does not render your Will void as it does in the case of marriage, any clauses that make reference to your ex-spouse are invalid. As a result, if you named an ex-spouse as an executor or trustee in your will, they will no longer be able to carry out their duties, and these clauses will be invalid.

Changes in your financial position

The need to modify your Will may also be brought on by a change in your financial situation. Your will's inheritances or gifts and possibly your Inheritance Tax position may be impacted by any substantial change in your financial situation. It's important to consider these changes and whether your estate has enough assets to make sure that any of your gifts do not fail.

Retirement

Retirement from employment represents a fundamental change that should and can serve as a starting point for revisiting and revising your estate plan and will.

Someone mentioned in your Will passed away

It will be necessary to make changes if the executor you named previously passed away or left them a gift. The executor selection will need to be reviewed, and the gift will need to be made to a separate beneficiary.

It's always beneficial to make a note of the changes in a note that is kept with the will for future requirements. Welland Valley Legal is a Wills specialist Market Harborough that offers you the best legal advice regarding property management like Wills and Trust Funds and Lasting POA from the finest professional with the aim of 100% client satisfaction. Visit today.