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How often should I update my Will?

15 November 2023 Wills, Trusts & Estates Sarah Mitchell

Although the number of people making a Will is rising, many of them forget to keep it up to date. Your Will does not expire, but your wishes and circumstances might change, therefore it is important to remember to review and update it every five years, or beforehand if you have experienced a major life change – e.g. a marriage, divorce, a new birth, or a death in your family.

 

Check that your Will currently reflects what you want it to say and do, and make sure you find out if there have been any changes to the law which might affect your Will, especially with regards to inheritance tax and trusts. If you don’t, you could find your family and loved ones end up in an even worse position than if you did not have one altogether.

 

Some things to consider:

  • Have you recently married, remarried or divorced? If you have separated but not updated your Will accordingly, your estate may still pass to your ex-partner upon your death.
  • Do you have new children or grandchildren that you want to account for in your wishes?
  • Are you cohabiting with a long-term partner? Your estate, which may include your house if you own it, may not automatically pass to your partner, no matter how long you have been living together.
  • Are your beneficiaries and executors up-to-date?
  • Do you own additional property or business assets, or have there been any significant changes to your financial position?

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