Making a Will is an important step in protecting your family and ensuring your estate is distributed according to your wishes. However, a Will should not be viewed as a document that is prepared once and then forgotten. Regular reviews are essential to ensure it remains effective and reflects your current wishes and circumstances.
A Will should be reviewed whenever there is a significant change in your personal, family, or financial situation.
Key Events That Should Prompt a Will Review
Marriage, Civil Partnership, Separation or Divorce
Changes in your relationship status can have a significant impact on your estate planning. A review should be undertaken following marriage, entry into a civil partnership, separation, or divorce to ensure your Will continues to reflect your intentions and that the appointments of executors and beneficiaries remain appropriate.
The Birth or Adoption of Children
The arrival of children often changes estate planning priorities. A Will review allows you to consider guardianship arrangements, provision for minor children, and the management of inherited assets until an appropriate age.
Property Transactions
Purchasing, selling, or transferring property may affect the provisions of your Will, particularly where specific assets are bequeathed. A review can ensure your estate plan accurately reflects your current property ownership.
Changes in Financial Circumstances
Receiving an inheritance, acquiring significant assets, or changes to business interests may warrant a review to ensure your estate is structured in accordance with your objectives and to identify any estate planning opportunities.
Death of a Beneficiary or Executor
If a named beneficiary or executor dies, it is advisable to review your Will to ensure suitable alternative arrangements are in place.
How Often Should a Will Be Reviewed?
Even where there have been no major life changes, we generally recommend reviewing your Will every three to five years. This helps ensure it remains up to date and takes account of any changes in your circumstances or the law.
The Importance of Regular Reviews
An outdated Will can lead to unintended consequences, delays in estate administration, and uncertainty for those left behind. Regular reviews help ensure your wishes remain clear, your chosen executors are appropriate, and your estate planning continues to achieve its intended purpose.
If your circumstances have changed, or it has been several years since your Will was prepared, seeking legal advice can provide reassurance that your arrangements remain suitable and effective.
Need Advice?
Kaur Sutherland’s Estates team advises clients throughout Scotland on Wills, Powers of Attorney, estate planning, and executry matters. If you would like to review your existing Will or discuss preparing a new one, we would be happy to assist.
Contact Kaur Sutherland today on 0141 611 6000 or email info@mackaur.co.uk
