Life is always taking unexpected turns and when it does, it is important for a Last Will and Testament to be updated accordingly. It will not do this automatically, so a Will must be revised on a regular basis. This is particularly significant after life-changing events, such as:
– Following a birth: a Will must be updated every time a son or daughter is born, or he/she will not necessarily be entitled to receive anything, even if their siblings have already been named. A guardian can also be appointed who will be responsible for a child’s care, should he/she be left without parents.
– Following marriage/divorce: marriage renders any previous Wills invalid so it must be renewed after the wedding if someone is to avoid dying intestate. Divorce does not revoke an existing Will, although it does omit former spouses from receiving anything.
– Moving house: there must be an up to date address on a Will, or it could be deemed invalid. Furthermore, if the testator owns the property, it is necessary to state what should happen to it after their death.
– Change of executor: it is possible to name four executors in a Will. If one dies or falls out of favour, their name must be removed.
– Following a death: if a beneficiary dies, a Will must be amended to state who should now receive his or her share.
– Change in finances: if, for example, someone suddenly comes in to a lot of money, provisions should be made in the Will to reflect this. Maybe, the value of bequests should be increased, or Trusts set up to protect certain amounts of money for the children.
If any of these events take place and a Will is not updated, the document will not be current and it will not reflect an individual’s last request accurately.
To avoid this, you must remember to renew your Will on a regular basis. This is extremely easy to do, and it does not mean that you have to write a new Will every time. Usually all that is needed is a codicil, which is essentially a supplement to an existing Will.
We offer a Free Will Review Service. Simply call us on 01772 424999 or email firstname.lastname@example.org and let one of our solicitors explain whether your Will is up to date or if it needs a new lease of life. Alternatively, use the form below and we will call you…