How to review your will

Like your finances, it is important to review your Will so that it keeps pace with how your life changes and provides the protection you want for your loved ones. Making sure you know where your will is and that it is up-to-date is important for peace of mind and minimising the risk of problems for your loved ones. Here is a quick guide on how to review your will.

1. Where is your will?

Once you have your will, take a few minutes to read through it and check back against the headings below or use our checklist to see whether it still reflects your current circumstances.

If you can’t find your Will, then it is definitely time to make a new one. If a Will can’t be found then any assets you own will be distributed as if you have not made one.

2. What changes have there been in your life since making the Will? 

Have you got married? Separated? Divorced? Living with a partner? Had children? Grandchildren? Has your wealth or the property you own changed?

Did you know that marriage automatically revokes a Will (unless specifically written in contemplation of marriage) and divorce may cause partial intestacy?

If you are separated, then the default intestacy rules means your spouse will inherit unless you make a new Will.

If you are not married, your partner will not receive anything (without making a claim to Court) unless you have named him or her in the Will.

Who are your executors, trustees, guardians?

Are they still part of your life and realistically capable of undertaking such responsibilities?

Are you happy with who will inherit, what and when?

Do you have beneficiaries that you would like to add or replace? Do you have inheritance tax concerns? Do you have concerns about how a beneficiary would use the gift or who might make a claim on your estate? Do you want to give money to charity?

Have you given funeral instructions?

Planning a funeral can be very difficult if nobody knows what you want and there is no plan to pay for it.  Many people use their Wills to record their basic wishes but a review can often be a prompt to put more detailed plans in place.

If you’ve looked back at your Will and think that there might be things you need to discuss or update then please do get in touch.  It’s often easier to talk things through to make sure you are making informed decisions.

If you are happy with your existing Will, then that’s great. Keep it safe and review your Will if there are any changes to your circumstances. I recommend you review your will at least every three years and more promptly if there are changes to your life or wishes.

Do you need to review or update your will? Book your no-obligation consultation now www.trentwillsestates.co.uk or call 0115 8461446.

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