A Lot Can Happen in Five Years - Reviewing Your Will

It is probably true to say that, over the last ten years, more Wills have been written in the UK than in any previous decade, as personal wealth and property values have increased. Now, in these uncertain times, it is just as important to keep any provisions under review.

You choose to make a Will to ensure that your estate will be distributed as you wish, instead of according to succession law. In business and in our personal lives, we plan for the future and feel better for doing so, believing we have taken control.

Our Wills are an important part of our estate planning and should be reviewed regularly to ensure that their provisions meet current requirements. While every effort would have been made to anticipate future events when they were made, life has an uncanny habit of overturning even our best predictions.

While Wills should be reviewed following key family changes, including marriage, a civil partnership, separation, divorce and the birth or adoption of children, other circumstances may also merit a review being carried out. Examples include:-

- reconsideration of the provisions appointing Executors or Guardians for children under the age of 16;

- changes in financial circumstances as a result of an inheritance or acquisition of property, or as a result of any substantial lifetime gifts;