Making a Will is one of the most important things you can do to make your wishes clear and help protect the people who matter to you.
However, making a Will should not always be viewed as something you do once and never think about again.
Your life may have changed. Has your Will?
If you made your Will several years ago, it could be worth taking a little time to check whether it still reflects your current circumstances and wishes.
Life Can Change Over Time
A great deal can happen in just a few years.
You may have moved home, welcomed children or grandchildren into the family, experienced changes in relationships or seen your financial circumstances change.
The people you originally chose as executors may also no longer be the people you would choose today or sadly may have passed away or lost mental capacity.
Even if nothing particularly significant comes to mind, periodically reviewing your Will can give you reassurance that the arrangements you made previously are still suitable.
Have You Moved Home?
Moving house is a common reason people start thinking about their Will again.
Your Will does not automatically become invalid simply because you move home. However, buying or selling property may mean that your estate (your assets and possessions) looks very different from when your Will was originally prepared.
It can therefore be sensible to review what your Will says and make sure it still achieves what you intend.
Has Your Family Changed?
Families rarely stay exactly the same.
Perhaps children have grown up, grandchildren have arrived or there are new partners, marriages or other changes within the family.
These changes can affect how you would like your estate to be distributed.
Marriage in particular can have important consequences for an existing Will, so it is sensible to obtain advice if your circumstances have changed.
Divorce or separation can also affect arrangements within a Will and is another good reason to review your wishes.
Are Your Executors Still the Right People?
When you made your Will, you will probably have chosen one or more people to act as your executors.
Their role is to deal with your estate and carry out the instructions contained in your Will.
Years later, those people may have moved away, your relationship with them may have changed or they may have passed away or lost mental capacity or you may simply feel that someone else would now be more suitable.
Reviewing your Will gives you an opportunity to check that you are still comfortable with the people you have appointed.
Have Your Financial Circumstances Changed?
Property values, savings, investments and other assets can all change over time.
Your estate today may therefore look quite different from the estate you had when your Will was first prepared.
A Will review allows you to consider whether the gifts and arrangements you previously made still make sense.
How Often Should You Review Your Will?
There is no single timetable that is right for everyone.
However, it can be sensible to review your Will every 3-5 years as a guide and whenever there is a significant change in your personal or financial circumstances.
Sometimes a review confirms that no changes are needed at all. That in itself can provide valuable peace of mind.
Will Reviews in Rochdale and Surrounding Areas
At Wills & Wishes Legal, Fiona Daly provides friendly, professional Will writing and estate planning support to individuals, couples and families across Rochdale and surrounding areas.
With over 25 years’ experience in the legal profession, Fiona is a member of the Society of Will Writers and Wills & Wishes Legal has received over 200 five-star Google reviews.
Appointments tend to be in your home but can be arranged by telephone or video too.
If you made your Will several years ago and would like to check whether it still reflects your wishes, please get in touch.
Make your wishes legal.
07799 213721
www.willsandwisheslegal.co.uk
