Smart-Will, allows you to update your Will anytime your circumstances change. Below are the most common reasons you should update your Will.
Family changes – If a baby is born you might wish to add them as a beneficiary You may wish to change gifts for all sorts of reasons, including if beneficiaries die and others need to be added instead, or beneficiaries become richer compared to others, or fall out with you, or even marry people you do not approve of!
Upon marriage – If you marry or enter a civil partnership your Will is automatically revoked and a new Will should be made. .
Divorce/Dissolution of Civil Partnership – In England and Wales, if you make a Will while married and then get divorced, your divorce can have a direct impact on the terms of your Will. While your Will does remain valid, your ex-spouse would no longer be able to benefit from it They would also no longer be permitted to act as an Executor or Trustee of your Estate This is because, for the Will, they are treated as deceased.
Separation – Review your Will as soon as possible as separation does not have the same effect as divorce/dissolution.
Financial changes – If you would like to give assets to beneficiaries that you have recently acquired, then it is advisable that you update your Will. This works both ways, if you have fallen on hard times and cannot give the specific assets written in your Will, then you need to update it also.
Inheritance tax (IHT) – If your estate has exceeded the IHT threshold (£325,000) since you last wrote your Will, then depending on what has changed, it might be a good idea to update your Will.
Moving abroad – If you plan on moving abroad and gain assets in the country of residence, it may be advisable to update your Will