Review your Will

5 Reasons to Review your Will

Some people think that once they have a Will, they’re finished with it. Unfortunately, that’s not always the case. In fact, there are several times throughout one’s life when it makes sense to review and revise your Will.

No. 1 review your Will
New Children, Friends or Relatives enter into your life
If a Will says that a person’s estate is to be divided equally among his or her children, even children that are born after the document is signed will be included. In other words, they will get a share of the estate, just as if they had been born when the document was drafted. However if the Will names specific children, any born after the date of the Will are left out.

 

No. 2 review your WillYou get married 
The act of getting married revokes your Will, unless the Will was made in contemplation of the marriage. You should make a new Will after getting married.

 

 

No. 3 review your WillYou’ve Come Into Money
Death and taxes are said to be the only things that are guaranteed in this lifetime. However, that old adage is wrong: change is a certainty as well. Our lives change every day, and our planning must adapt to that change. If you have received money from an inheritance or won the lottery then you should seek advice from your solicitor.

 

No. 4 review your WillYou Get Divorced
If you divorce, your Will is read as though your former spouse had died before you. You should make a new Will after getting divorced.

 

 

No. 5 review your WillYour Spouse Passes Away
Generally speaking, Wills are written or should be written in such a way that there are backups for everything. For example, if a spouse were to predecease you, your assets might go to your children or another relative. However, it does pay to review a Will if your spouse has died. That’s because you may feel differently about things if that were to happen, and you might want to distribute your assets in a different manner. You also might need to provide new backup recipients in your Will.

 

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