Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
You should not wait until tragedy strikes before reviewing your Will. By keeping your Will under regular review, you can take the time to ensure that you give your Will the care and attention required to ensure that your intentions are realised, saving you from unnecessary stress and complications.
Over the course of your life, your circumstances will inevitably change and so will your testamentary intentions. Where particular life events occur, it is important to consider whether your Will needs to be updated to reflect this and to be proactive in doing so. Such life events are sometimes referred to as “material changes in circumstances”.
Examples of such material events, where it may be prudent to review your Will, include:-
When you get married or enter into a civil partnership, it is likely you will want to make provision for your spouse or civil partner in the event of your death. If you made a Will prior to your marriage or civil partnership, it is important to review it to ensure that it reflects the change in your relationship.
If you have an English Will, this will be automatically revoked by marriage and so it is vital that you either (i) put in place a new Will beforehand, specifically drafted in anticipation of marriage, or (ii) sign a new Will as soon as possible after your wedding day.
If you separate, perhaps one of the first things you should do is review your Will. Under the Succession (Scotland) Act 2016 (and elsewhere in the UK), your ex-partner will normally forfeit any right to benefit from the provisions of your Will; however, it would still be sensible to review your Will to ensure that a replacement Executor has been appointed and that the other provisions reflect your change in circumstances.
If you have children after making your Will, it is important to consider if there is provision for them to share in your estate. You should also think about what should happen if you were to die while your children are still young. It may be appropriate to add guardianship provisions or direction on how their share in the estate should be dealt with until they reach adulthood.
If you have children that have already reached adulthood, it may be worth reviewing your Will to see if it includes provision for any future grandchildren.
As time goes on, you may need to evaluate the extent of your property, assets and investments. A crucial part of any estate and tax planning exercise should be reviewing and ensuring compatibility with your Will.
Whatever triggers the review, the next stage should always be to seek advice from your solicitor.
Depending on the nature of the changes and how your Will is drafted, it may be possible to implement these through a codicil, which would be signed and attached to your current Will. However, where the changes are more fundamental, a new Will is likely to be required.
Adam Swayne is a solicitor within our Asset Protection Group and specialises in Estate Planning and Wills.
If this article has raised any questions or you would like to discuss your affairs, then please complete our contact form or call us on 0131 225 1200.
Murray Beith Murray was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim and these values continue to this day as does our commitment to be here when you need us.
