When it comes to estate planning, writing a will is often the first and most important step. It provides a roadmap for the distribution of assets, guardianship of dependents, and the execution of your final wishes. However, the creation of a will should not be seen as a one-time task. Life is dynamic, and as circumstances change, so too should your will. At Broadbents Solicitors, we understand the importance of regular will reviews and updates to ensure your legacy remains protected and aligned with your current intentions.
Why Update Your Will?
Life Events: Significant life events such as marriage, divorce, the birth or adoption of children or grandchildren, or the death of a beneficiary or executor can warrant updates to your will. These events can significantly impact the distribution of your assets and the individuals you wish to include or exclude from your estate plan.
Change in Financial Situation: Changes in your financial situation, such as an increase or decrease in wealth, acquiring new assets, or changes in business ownership, may necessitate revisions to your will to ensure your assets are distributed in accordance with your current wishes.
Relocation: If you move to a different country, it’s essential to review your will to ensure it complies with the legal requirements of your new location. Laws governing wills and probate can vary significantly between regions, and failing to update your will could lead to complications during the estate administration process.
Changes in Tax Laws: Tax laws are subject to frequent changes, and these changes can impact the tax implications of your estate plan. Regularly reviewing and updating your will can help optimise your estate for tax efficiency and minimise the tax burden on your beneficiaries.
Changes in Relationships: Relationships with family members, friends, or beneficiaries may evolve over time. Whether due to reconciliation, estrangement, or changes in personal dynamics, it’s essential to ensure your will accurately reflects your current relationships and intentions.
When to Update Your Will?
Regular Reviews: It’s advisable to review your will regularly, ideally every three to five years, even if no significant life changes have occurred. This periodic review ensures your will remains up-to-date and reflects any changes in your circumstances, preferences, or goals.
Triggering Events: Certain life events should prompt an immediate review of your will. These events include marriage, divorce, the birth or adoption of a child, the death of a spouse or beneficiary, or any significant changes in your financial situation.
Legal Advice: If you’re unsure whether your will requires updating, seeking legal advice from a solicitor experienced in estate planning is important. We can assess your current will in light of your circumstances and advise you on whether updates are necessary to align your estate plan with your current wishes and legal requirements.
Broadbents Solicitors - Wills and Probate Services in Derbyshire
Whether you’re wanting to write your first will, or make updates to your current one, we’d be happy to help. At Broadbents Solicitors, we’re here to guide you through the process of updating your will, providing expert advice and support every step of the way. Don’t leave your legacy to chance – schedule a will review today to ensure your wishes are accurately reflected and legally protected. Please give us a call today on Alfreton: 01773 832 511, Heanor: 01773 769 891. We also have an online enquiry form that you can complete, and we will be in contact with you as soon as possible.
