How Often Should You Review Your Will & Why?

Did you know that changes in legislation, personal circumstances and your specific wishes may mean that over time your Will may simply be out of date? It is therefore crucial to review your Will on a regular basis. Here are some changes to consider and how The Will Partners can assist with our Free Will Review Service.

Personal Circumstances

Significant life events can mean that an existing Will should be reviewed as a minimum, or worst-case scenario, could even become invalid. These events include:

Marriage or Civil Partnership

A new marriage or civil partnership currently revokes a will under S18 and S18D Wills Act 1837, unless the will expressly states that it was made in contemplation of this.  This may change in the future, as the Law Commission in their recent view of wills have recommended abolishing this rule.

The ending of a marriage or civil partnership, on the other hand, does not automatically revoke a will. However, the effect of S18A and S18C Wills Act 1837 respectively means that ending of the marriage or civil partnership causes any gifts to, or appointment of, the spouse or civil partner to fail unless the will states otherwise.

Newly born or adopted Children

The arrival of new children may require the inclusion or amendment of guardianship provisions or adjustments to the distribution of the estate.

The Death of Beneficiaries or Executors

The death of a beneficiary or executor may require the naming of replacements to avoid partial intestacy or administrative complications.

Changes in Assets

The acquisition or disposal of substantial assets, such as property or business interests, may require amendments to ensure the will accurately reflects your estate. For example, a recent inheritance may alter the desired distribution of the estate or result in a previously non-taxable estate becoming liable to inheritance tax.

Planning during your lifetime

You may have already made, or wish to make, significant gifts or establish trusts during their lifetime as part of their tax planning or asset protection strategy. It is essential to review the interaction between such arrangements and the provisions of the will. For example, lifetime gifts may affect the intended distribution of the estate or have implications for inheritance tax calculations.

Changes in Taxation and Legislation

Legislation governing wills, inheritance, and taxation is subject to periodic amendment. Regular reviews ensure that wills remain compliant with current law and take advantage of any new tax planning opportunities.

For example, the introduction of the residence nil rate band in 2017 and the transferable nil rate band in 2007 significantly changed will drafting practices. Proposed reforms, such as changes to the taxation of pensions for inheritance tax purposes and the limitation of 100% business and agricultural relief to £1 million, will also require updates to best drafting practices.

Summary

It is generally recommended that you review your Will every 3-5 years, or sooner if a significant life event occurs. Wills often form an important part of your broader estate planning strategy. Try to keep your knowledge up to date or just contact us today!

With our "Free Review of your existing Will Service" one of our experienced consultants will visit you in the comfort of your own home and give an expert opinion on your existing Wills, without charge or obligation.