Is it time to update my Will?

30th March 2022

You may be aware that this week (28 March - 3 April) is "Update your Will" week, promoted by Solicitors for the Elderly, a national association of independent lawyers specialising in supporting and making a difference to older and vulnerable people.

Research has consistently shown that well over half of UK adults do not have a Will, but what is perhaps less publicised is that, of those who have made a Will in the past, a third have not updated it for more than seven years, and over a fifth have not done so for a decade.

Whilst it is certainly preferable to have a Will in place, it is just as important to review it, Your wishes, as well as your circumstances, may change over time.  In terms of when to review your Will, we recommend that your Will be reviewed and updated at least every five years, or whenever a major change in your life, such as a birth, death or divorce, occurs.

Not updating your Will risks it becoming outdated, which could have severe consequences for loved ones after death, whether this be an “incorrect” distribution of your Estate, or additional inheritance tax.

It is also important to note that making changes to an existing Will cannot be done by simply amending the document – a new Will must be made.

Having an up-to-date and correctly drafted Will is crucial. At Blake Morgan, we are experienced in drafting Wills that reflect your wishes for your estate, and ensure that your family and other beneficiaries are considered and taken care of. In addition, we can assist in identifying options for you to consider in terms of protecting your estate, and reducing its exposure to Inheritance Tax or care fees.

If you would like to discuss making or updating your Will, please contact one of our team here.

If you need advice on succession and tax issues

Speak to a member of our Private Client team

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