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when to review your will?

List of events which require a review of your Will

  1. Marriage/Civil Partnership – if previous Will not made in contemplation of marriage;
  2. Divorce/Dissolution of Civil Partnership– ex spouse treated as predeceased as to gifts and appointment as Executor or Trustee;
  3. Widow/widower remarries – consider leaving second NRB to someone other than the new partner in circumstances where the whole of the NRB has been used from the deceased’s estate to the widow/widower. If the widow/widower left their NRB to their new partner then on the survivors death there could be up to three NRB’s to be used and it is only possible to use a maximum of two i.e. up to £650,000
  4. Additional Threshold relief (Residence Nil Rate Band) being introduced from 2017 to 2021 which will mean £1million free of IHT can be left to your lineal descendants (children, grandchildren, great-grandchildren including adopted, fostered)
  5. If you inherit a substantial amount of money;
  6. If you purchase Foreign Property (N.B. Since the introduction of the Brussels IV EU directive it is now possible to make a declaration of law so that your worldwide assets will be dealt with under the law of English & Wales on your death);
  7. If you have children and wish to appoint Guardians;
  8. If you move in with a partner and don’t get married or have a civil partnership;
  9. If your new partner has children from a previous relationship;
  10. If you run your own business; consider appointing Executors who may be able to continue running your business;
  11. The death of a partner;
  12. If your adult children are going through a divorce or financial difficulties;
  13. Asset protection;
  14. The death of an Executor/Trustee or for some other reason they are no longer suitable due to bankruptcy, age or ill-health;
  15. The death of a beneficiary;
  16. If a beneficiary changes Gender;
  17. In any event it is advisable to review your Will every five years.

N.B. This is not an exhaustive list but gives an idea of some of the events which make it necessary to review your Will. It is important your Will not only meets your wishes but remains efficient from a tax point of view.

If you wish at any time to REVOKE or ALTER your Will you should get in touch with us or a suitably qualified lawyer so that the legal formalities can be observed otherwise your wishes may not take effect.

If you would like further advice on any of these issues please do not hesitate to contact us