The answer is simple: We rely on cars to get us to where we want to go and take them for granted until they break down. If we don’t take care of our cars, they let us down – usually when we need them the most.
The same is true of a Will: A good Will, like a good car, can be trusted to do as you need it to. Once your Will has been carefully and professionally drafted you can rely on it for a good few years; unforeseen “accidents” aside. After that time though you need to take care of it. Just as a car runs better if you change the oil, fill the tyres and take it for a regular service, a Will only serves your needs if you review it periodically. That doesn’t mean that you have to look at it every 12 months but it is advised you do so every few years.
Thankfully, Wills are not as expensive as cars and they do not need to be looked after quite so often.
Consider the life changes that you have encountered in the last five or so years – births, marriages, deaths, new friends, ex-friends, a better job but to name a few of the possibilities. If you don’t review your Will and check whether or not it needs updating you (or rather your family) may find that the document you relied on to give them peace of mind and to set out your wishes, no longer works in the way that you intended it to.
Reviewing your Will is straightforward and often no changes will be needed. But a review is important so that if changes are required they can be made to take into account any change in circumstances.
If any of the following have happened to you or those close to you then a review is essential:-
- Birth or adoption of a child/grandchild/niece/nephew etc,
- Death of someone named in your Will,
- Children have reached the age of eighteen,
- A change in the circumstances of your Executor, Guardians, Trustees, etc,
- You would like to provide for a charitable or other organisation,
- A significant increase or decrease in the value of your estate,
- You have started a business,
- A change in tax laws,
- You or someone mentioned in your Will may need to consider the payment of Care Home Fees,
- You have moved,
- It has been three years or more since you have reviewed your Will.
Take advantage of our FREE Will Healthcheck and whether your Will was drafted by us or not we’ll be happy to talk to you about your Will to ensure that it still works for you so that it won’t let you down when you need it the most!
For advice, information or to take advantage of our FREE Will Healthcheck please contact Debbie Hope.