Why Should I Review My Will — It’s Only Five Years Old?
A Will prepared five years ago may no longer reflect your circumstances or intentions. We explain the key life events that should prompt a review — and why it matters.
You prepared a Will five years ago and feel confident that your affairs are in order. It may be time to reconsider.
Life changes quickly. A Will that accurately reflected your circumstances in 2020 may no longer do so today — and the consequences of an out-of-date Will can range from unnecessary inheritance tax to unintended intestacy.
Reasons to review your Will
You have married
Marriage automatically revokes an existing Will in England and Wales. If you married after making your Will and have not made a new one, you may have no valid Will at all.
You have had children or grandchildren
You may wish to make provision for children born since your last Will was made, or to appoint guardians for infant children.
Your domicile status has changed
A change in domicile can affect how your Will operates and how your estate is taxed. If you have moved or are considering doing so, advice is essential.
You have purchased property abroad
Depending on the jurisdiction, you may require a separate foreign Will to deal with overseas assets. We can advise on how to ensure your English Will remains valid and effective alongside any foreign provisions.
You have business interests
Business assets may qualify for Business Property Relief from inheritance tax, but the structure of your Will must be designed to take advantage of this.
You are approaching retirement
A lump sum payment, pension drawdown or other retirement benefits may significantly change the value and composition of your estate.
You have divorced
Divorce affects certain provisions of a Will but does not revoke it entirely. Your intentions for who inherits may have changed in ways that your existing Will does not reflect.
Reducing inheritance tax
A well-drafted Will can significantly reduce your estate’s exposure to inheritance tax. If your circumstances have changed, there may be planning opportunities that your current Will does not capture.
If you would like your Will reviewed, please get in touch and we will arrange for one of our advisers to assist you.