Do You Need to Review Your Will?

Well done – you’ve  written your Will! But when was the last time you reviewed it? We recommend that you review your Will every 5 years.

Have your circumstances changed ?

If you answer “Yes” to any of the following questions, it may well mean that you need to review your Will.

Relationships & Health

• Have you got married, formalised a Civil Partnership, or are you about to marry? (Note – Marriage automatically revokes a Will)
• Have you started living with your partner in a long term relationship?
• Have you had your first child or now have any additional children?
• Have you broken up from a long-term relationship, become divorced or had your marriage annulled?
• (Note – These may well automatically affect your Will)
• Has your spouse or partner died?
• Has your spouse or partner become disabled or terminally ill?
• Has a Beneficiary or an Executor of your Will become disabled, too ill to act or died?
• Have you or any one mentioned in your Will changed names?

House, Business & Property

• Have you moved, bought a house or more property in the UK?
• Have you bought a property abroad or in Scotland? (global assets are subject to UK inheritance tax)
• Have you made a Will for property abroad or in Scotland?
• Are you confident that your Wills in the UK and abroad do not revoke each other?
• Have you set up or bought a new business, or cancelled one?
• Have you disposed of any items or property which you specifically bequeathed in your Will?
• Have you started a new Investment or Life policy, the benefits of which will fall in your estate?
• Should it have been written in trust? (speak to your Financial Adviser first)
• Has the combined value of your house, savings and investments risen above the IHT Nil Rate Band?
• Did you make a will (usually prior to 2007) that included IHT planning which may now be inappropriate?

With our 17 years of experience, we at Sussex Will Writers can help you navigate these complicated questions and help to determine whether or not you should update your Will.