Many of you know but a Will is a legal document which outlines how you want your assets to be distributed and managed after you pass away. There’s a fair bit more to it than that but it is important to ensure that your Will is kept up-to-date.
It’s important to keep your Will up-to-date so it reflects current circumstances. SLS Wills and More recommends reviewing a Will every 3-5 years. To make sure your Will is fit for purpose, SLS Wills and More provides a free review service. We operate this service for clients and for people who are new to SLS Wills and More.
In some cases, you might consider rewriting your Will. SLS Wills and More can help you if that is the case but we will always provide detailed guidance as to why we believe it’s important.
If your circumstances only require minor alterations, you might be advise you to use a ‘Codicil’. A Codicil is a legal document which allows you to make changes to your existing Will without the need to rewrite it. SLS Wills and More don’t advocate Codicils. We have seen cases where they have been lost and any changes have therefore been ignored.
We tend to completely rewrite Wills for clients to ensure they have the best possible protection in place. SLS Wills and More can provide you with expert advice as to whether rewriting your Will is the best option for you or whether you even need it.
The most important message here is that you should keep your Will up to date and here are 5 reasons why changes to your Will might be necessary. Naturally, this is not an exhaustive list:
1. You’ve moved home or your address has changed
2. You’ve been through a marriage, civil partnership, divorce or separation
3. You have new children or grandchildren
4. Your assets or wealth have increased or decreased significantly (for example you have recieved an inheritance)
5. Someone named in your Will has passed away or you’d like to change gifts in your Will, change your executors, guardians or trustees.
It’s important to ensure that your Will is up-to-date and SLS Wills and More can help you with this. Contact SLS Wills and More today for a free review of your Will. We will help you to make sure that your Will is fit for purpose and that it reflects current circumstances.
