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5 Reasons to update or review your Will

Wednesday 17th June 2015

It is recommended to update a Will (or have it reviewed) every three years. This is because our lives and circumstances change. Those changes may result in one or more of the 5 reasons you need to record in your Will.

5 Good reasons to update your Will are:

Marriage
New births in the family
Financial gains
Spouse has passed away
Divorce
Marriage

First time married?
Family planning plays an important part of protection towards your spouse and children. Being a newlywed there are more people to consider if anything were to happen to you. How would they be taken care of financially and otherwise? Do you need to increase or alter the number of beneficiaries of your estate now that you are a family?

You may need to consider appointing a Guardian (or two) for your children to be looked after properly and adequately. Additionally, you may need to consider your spouse's children (if they have any) from a previous marriage.

New births in the Family

Congratulations you just had your first child. Family planning comes to mind. You say to yourself "I'm not alone anymore nothing's going to happen to me, anyway I will do it another day" but what happens if something does happen?

To be a step ahead of "What if" in this day and age makes it's so important to make those changes rather than delay them. By nominating a Guardian, if the inevitable happens your loved ones could be looked after as per your wishes, giving you peace of mind should the worst happen.

Financial gains

If you receive a financial inheritance or a windfall, your net financial assets need to be calculated. Where there is an increase in net worth, you could decide to place the money in a fund for your family. A qualified person such as Wealth manager, that is regulated under the Financial Conduct Authority (FCA) will be best placed to advise on such matters. Alternatively, you may wish to simply direct this finance to a specific person. Whatever the case, this monetary gain needs to be mentioned in your Will to safeguard your intentions for it.

Your spouse has passed away

In most case, your spouse is likely to have been named as the main beneficiary should you have prepared a Will. Should your spouse sadly pass before you, you will need to amend your Will to redirect your estate as a beneficiary unless your Will contains a clause that has pre-empted that eventuality.

QWill Writing Services can be of assistance and review and existing Will for you to maximise your protection.

Divorce

If you have divorced it is necessary to take this into account in respect of your Will as certain events will have an impact on the execution of the Will. You need to be aware of key dates, such as when the final Decree Nisi has been passed. It will be necessary to review any beneficiaries on any policies and pensions reflecting this.

Going Forward!

Firstly, one needs to consult with a qualified person that is authorised to compile this type of legal document. Qwill Writing Services are available to assist you regarding any amendments or to review your existing Will.

Alternatively if you decide to have a new Will, you will be asked questions about the trusted people you know, your relationship with them, and their suitability in respect various criteria that will help making sure the correct person is appointed as executors to correspond with any new changed circumstances.