Securing Tomorrow: A Guide to How Often You Should Update Your Will

Making a Will is one of the most important steps you can take to secure your future and ensure that your loved ones are provided for after your death.

However, many people underestimate the importance of regularly reviewing and updating their Will. Indeed, half of adults in the UK don’t have a Will, including one in three adults over 55, according to Canada Life.

As life circumstances change, it’s essential to ensure that your Will reflects your current wishes and addresses any new developments in your situation.
Here, we’ll explore how often you should update your Will and what key considerations to keep in mind when writing a Will.

When to Update Your Will

Although there are no hard and fast rules dictating how frequently you should update your Will, reviewing it every three to five years or whenever a life event takes place is generally advisable.

Some key situations that may necessitate updating your Will include:

1. Changes in marital status: Getting married, divorced, or remarried impacts your Will. In England and Wales, marriage automatically revokes an existing Will, unless it was specifically made in contemplation of the marriage. While divorce does not automatically revoke your Will, it can affect the provisions made for your ex-spouse.
2.  Welcoming a new child: Whether through birth or adoption, the arrival of a new child should prompt you to update your Will to ensure that they’re included and provided for according to your wishes.
3. Fluctuations in your financial situation: Major changes in your assets, such as purchasing or selling a property, receiving an inheritance, or starting a business, may require updates to your Will to reflect your new financial circumstances.
4. Loss of a beneficiary or executor: If a beneficiary or the executor is named in your Will, it’s essential to update your Will to reflect these changes and ensure that your wishes can still be carried out.
5. Modifications in tax laws: As inheritance tax laws are subject to change over time, it’s important to review your Will periodically to ensure that it remains tax-efficient and takes advantage of any new exemptions or allowances.

What to Consider When Making a Will

When writing a Will or updating an existing one, there are several key factors to keep in mind:

1. Appointing an Executor: Select someone you trust to carry out the instructions in your Will and manage the distribution of your assets. It’s also prudent to name a backup executor in case your first choice cannot fulfil the role.
2. Nominating guardians for minor children: If you have children under the age of 18, it’s crucial to nominate guardians who will care for them in the event of your death.
3. Specifying the distribution of your assets: Clearly outline how you want your assets, including property, money, and personal possessions, to be distributed among your beneficiaries.
4. Addressing digital assets: In an increasingly digital world, it’s important to consider how you want your digital assets, such as online accounts, cryptocurrency, and intellectual property, to be handled after your death.
5. Minimising inheritance tax: Work with a professional to structure your Will so that your estate will owe the least amount of inheritance tax, taking advantage of available exemptions and allowances.

The Importance of Professional Advice

While creating a Will on your own using online templates or DIY kits is possible, seeking professional advice from a solicitor offers numerous benefits.
A professional can ensure that your Will is legally valid, caters to your unique circumstances, and takes advantage of any tax-saving opportunities.
Moreover, professional Will writing services like those offered at Batt Broadbent can help you navigate complex issues such as setting up trusts, dealing with overseas assets and addressing blended family situations.

We also provide valuable guidance on storing your Will safely and communicating its location to your executor.

Summing Up

Regularly updating your Will is vital to securing your future and protecting your loved ones.
Reviewing your Will every few years or after substantial life changes can ensure that your wishes are accurately reflected and your assets are distributed according to your intentions.

If you’re looking to update a Will or create a new one, the friendly team at Batt Broadbent can help. Contact us today and get in touch.