Remember to update your Will

Making a will can be a tedious process and as such, once it’s been completed, many people tend to put it in a drawer and forget it exists.

According to Francis Durrant, a solicitor from Barr Ellison who specialises in wills and probate, that could be an expensive mistake.  "It's essential that a will is reviewed on a regular basis - at least every five years,” says Francis.

People get divorced, separate, remarry, and acquire new stepchildren and grandchildren. Any of these life changing events could require a change to a person’s will.  Leaving a will unchanged could mean that assets end up going to the wrong family members.

This is particularly true during a separation.  Although once a divorce is completed, the will is read as if the ex-spouse were deceased, there is sometimes a substantial gap between the separation and divorce, particularly if things get messy.  If something was to happen to one of the partners in that period and the original will was still in place, this would put surviving relatives at a serious disadvantage. 

According to Francis, his advice is even more pertinent for unmarried couples.  The law doesn't recognise the concept of a common-law wife or husband and therefore, unlike married couples, if one partner dies without a will, the other partner could be in a perilous position - they may well end up with nothing.

"Mitigating against inheritance tax is another good reason for checking a will regularly,” says Francis.  “As new tax laws are brought in, any trusts that have been provided for in a will may need to be changed.”

If you would like advice on wills, probate or inheritance tax issues, please contact Francis Durrant

The information given in this article is of a general nature only and should not be considered as advice applicable to any particular situation for which specific request should be made to us.

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