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Have You Outlived Your Will?
Over time, your circumstances change suggesting the need to review your will. Some of the more usual changes are as follows:-
Changes in Marital Circumstances:
A will made before a marriage is revoked by the marriage unless drafted for that particular purpose. Separation from a spouse or partner does not to reduce a spouses claim on your property unless a new will is made. On divorce, provisions made in a will for a former partner no longer apply. It is more certain and simple in these circumstances to make a new will, particularly after a second marriage.
Changes in Family Circumstances
You may have new additions to your family whom you would like to remember in your will, such as grandchildren. You may have also named people in your will who have since died, or people may have moved.
Commonly, wills are made which provide for young children. As your children grow up, different considerations apply, and again, your will may need to be reviewed.
Changes in Financial Circumstances:
As we get older, some of us acquire more property, and savings policies begin to amture.
If for some reason since you made your will the value of your property and possessions has changed significantly you are best advised to make a new will.
Changes in the Law
The law changes constantly. Some changes may affect what you have tried to achieve by making a will. For example, if you have made you will with a view to reducing Inheritance Tax, it makes sense to keep up with the changes in allowance levels. Other recent changes in the law include changes to investment powers of trustees, and some case law on 'mutual wills'.
Sometimes, we can deal with the change by way of a codicil, a mini-will, but we usually prefer to update the entire will. This allows us to incorporate the many small changes which we constantly make in our standard forms. Codicils are no longer significantly cheaper than entire wills because of the use of computers.
If you feel it may be necessary to amend your will, or if you have any particular questions, please contact us and we will be happy to discuss them with you without obligation.
|All information on this site is in general and summary form only. The content of any page on this site may be out of date and or incomplete, and you should not not rely directly upon it. Take direct professional legal advice which reflects your own particular situation.|
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