Ensuring that your Will reflects your current wishes is of fundamental importance to you and your loved ones.
However carefully your Will has been drafted, it cannot account for every possible future change in your family circumstances, finances, residence or the law. As a general rule, it is sensible to review your Will every five years, or sooner if a significant personal, financial or legal change occurs.
Below, we have set out some of the key triggers that should prompt you to review your Will.
Does marriage or civil partnership affect your Will?
A marriage or civil partnership can affect the validity of your existing Will and may change how you want your estate to be distributed on death.
In England and Wales, getting married or entering into a civil partnership will usually cancel any Will made before that marriage or civil partnership, unless the Will was prepared in contemplation of it. Marriage and civil partnership can also unlock important inheritance tax exemptions, which may affect your wider estate planning.
Updating your Will at this stage helps ensure that your estate is passed on in accordance with your current wishes and that your estate planning reflects your new legal and family position.
Should you update your Will after divorce?
A divorce can also affect parts of your Will if your former spouse or civil partner is named as an executor or beneficiary. These provisions relating to a former spouse or civil partner may no longer take effect in the way they did before. This can leave uncertainty, particularly where they were appointed as an executor or where you and your former spouse prepared mirror Wills reflecting each other’s wishes.
Reviewing your Will following divorce helps ensure that your estate is still passed to your chosen beneficiaries and avoids complications in the administration of your estate.
Should you update your Will after having children or grandchildren?
Welcoming a child into your family is also a good time to review your Will.
This is particularly important if you wish to appoint guardians for your children or provide for minor beneficiaries under a trust structure.
If your existing Will was created before the next generation of your family arrived, you may want to reconsider how your estate will be passed down, who should be responsible for administering it, and whether any inheritance should be protected until children or grandchildren reach a suitable age.
This may be especially important for blended families or following second marriages.
Should you update your Will after a significant financial event?
Moving house, buying additional property, starting or selling a business, receiving an inheritance or experiencing a significant change in asset values can all affect the value or structure of your estate.
These events may affect how you choose to structure your Will, your chosen beneficiaries and any estate planning opportunities available to you.
For example, a business sale, property acquisition or inheritance may change the balance of your estate considerably. A Will that was appropriate when it was signed may no longer reflect how your wealth is now held or how you would want it to be passed on.
What happens if a beneficiary or executor dies?
If a beneficiary or executor dies, your Will may no longer work as you had intended when it was drafted.
You may need to replace these appointments to ensure that your estate is administered as efficiently as possible and that your chosen beneficiaries are still properly provided for.
This is particularly important where an executor had a specific role because of their relationship with the family, knowledge of the estate or professional expertise.
Should you update your Will if you move abroad or acquire overseas assets?
Moving country, acquiring or giving up citizenship in the UK or abroad, or owning assets in other jurisdictions can raise succession and tax issues both at home and overseas.
Where international considerations apply, it is sensible to review your Will to ensure it works alongside domestic and international laws, tax rules and any overseas estate planning documents.
This may be particularly relevant for internationally mobile families, individuals with overseas property or assets, family members in different countries or cross-border business interests.
Can changes in the law affect your Will?
Significant changes in the law can also affect your existing Will and any tax planning you may have in place.
For example, recent changes replacing domicile with long-term residence as the determining factor for the scope of UK inheritance tax may affect families with cross-border connections. A Will that was tax-efficient when signed may not remain so after significant legal or tax changes.
This is why it is important to review your Will not only when your personal circumstances change, but also when the legal or tax landscape changes.
What should you consider when reviewing your Will?
When reviewing your Will, it is helpful to consider whether it still reflects:
- who you want to benefit from your estate;
- who should act as your executors;
- who should act as guardians for minor children;
- whether any beneficiaries should inherit outright or through a trust;
- whether your estate has changed significantly in value or structure;
- whether you own assets overseas;
- whether your inheritance tax planning remains appropriate;
- whether there are any family circumstances that may create uncertainty or future dispute.
A regular review of your Will gives you peace of mind that it remains practical, tax-efficient and aligned with your wishes.
How Quastels can help
Quastels’ Private Wealth & Tax team advises individuals, families, trustees, executors and internationally mobile clients on Wills, succession planning, inheritance tax, trusts, probate and cross-border estate planning.
If any of these events apply to you now or in the future, we would be happy to arrange a call to discuss your circumstances and review whether your existing Will continues to reflect your wishes.
