You went to the effort of putting a will together a while back and you’re satisfied that everything is in order. But have a think - have there been any significant changes in your life since the will was drafted? Has your financial situation changed? Have you got married or perhaps you have recently separated from your spouse? Maybe you have become a grandparent?
Whilst it would be nice to sort out your will, file it away and never set eyes on it again, realistically this may not be the right thing to do. In this life there is one thing we can be sure of and that’s that nothing stays the same. If your will was written ten years ago the likelihood is your life has seen many changes since and you will need to amend your will accordingly. Your will should reflect your current situation as much as possible so that in the event of your passing your assets and estate are recorded accurately with clear instructions given on how they should be divided.
At Poe Kiely Hogan Lanigan Solicitors we have seen incidences where wills have not been reviewed and updated properly in advance of a person passing and their nearest and dearest has been left confused and let down by the contents of the will. In the worst cases, wills have been revoked or invalidated due to their inaccuracies, resulting in heartache and complex legal issues.
To keep you right, we have compiled a top 10 checklist of key life events which may prompt you to review and update your will.
Top 10 Reasons It's Time To Review Your Will
- The birth or adoption of a child, grandchild or other family member
- Your child(ren) reaches 18 years of age
- You get married
- You get divorced or separate from a named partner
- The value of your estate significantly increases or decreases
- You move to a different country
- You set up a business
- You are diagnosed with a chronic or terminal illness
- The death of a named person in your will
- Tax laws change
Having an up to date will which accurately reflects your circumstances and sets out your wishes will give you and those closest to you real peace of mind. In most cases you will not need to go as far as amending the entirety of your will and can simply make alterations. The good news is if your will has been drafted properly in the first place then it will make the process of updating it much easier.
A good rule of thumb is to review legal documents, such as your will, every three to five years and after specific milestones or significant events in your life. By keeping in contact with your solicitor and informing them of key changes in your personal and professional life, you can make sure your will remains accurate and valid. Just remember, reviewing your will and keeping it up to date is as important as having a will.
If you would like to discuss drafting a will or would like to amend an existing will, please get in touch to arrange an appointment with one of our experienced Wills and Succession Planning Solicitors today.