Once you complete a will, it is very tempting to put it in a draw and never look at it again (and in fact many people do). However things change, so how often should you review your will?

Our advice is generally that you should look at your wills every 5 to 10 years. That does not mean that you need to redo your will, but it is always good to check that your will still reflects your wishes and to take into account any changes that may have taken place in your life. There are generally some life events which should trigger a will review, and may require an update to your will. These include:

1. Marriage - many people don't realise that marriage invalidates any earlier wills that were not stated to be in contemplation of marriage. Even wills made in contemplation of marriage should be reviewed to ensure that they remain valid.

2. The birth of children or grandchildren - a growing family will usually impact your choice of beneficiaries. Many wills are drafted to take into account the birth of grandchildren, however it can be prudent from an inheritance tax position to skip generations where children are well off.

3. The death of executors or beneficiaries - you should check that your will still nominates appropriate people to administer your estate. If a beneficiary has predeceased you, it is worth reviewing where their share of your estate will now go to ensure this still reflects your wishes.

4. Changes in your financial circumstances - if your will includes cash gifts or specific legacies you should check that your estate is still able to fund these. If your financial position has improved since your will was written you may wish to increase legacies or consider charitable gifts to reduce your estates inheritance tax rate.

5. Change in family dynamics - if family members have fallen out, or it it is inappropriate to leave outright sums to a beneficiary for any reason then you may wish to update your will to enable your executors to tactfully navigate these issues. This can be particularly important where a family member is vulnerable as it is often difficult or impossible to impose safeguards after someone has died.

If you would like to review your will then please contact Ashley Minott on ashley.minott@allanjanes.com or on 01494 893518.