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Is it time to review your will?

 

Does your old will still carry out all of your wishes? – It’s time to talk to your solicitor again!

Making a will is one of the most important things you will ever do. If you haven’t made one already, then you should.

However, once you have made your will, you must not rest on your laurels! Our lives are constantly changing and changing circumstances may mean that a will written just a few years ago may now be out of date.

James Bolton of Oldham Marsh Page Flavell solicitors advises on what you should consider.

 

What happens if your Will is out of date?

Quite simply, the last will you signed is the will that will take effect, unless you have married in the meantime, in which case your previous will would have been automatically revoked on marriage.

So, if your will was made some time ago when your circumstances were totally different to today, it will be that will which will govern the distribution of your estate. As such, an out of date will can, in some cases create uncertainty, unfairness, delay, additional expense and family feuding. All this can be easily avoided by making sure that your will is up to date.

 

When should you review your Will?

The Law Society recommends that you should review your will at least every 5 years or after any major life change. There are many reasons why you should consider reviewing your existing will provisions, depending on your personal circumstances, but they may include

Changes in your financial circumstances

Having children or grandchildren

Getting Married, divorced, separated or living with a new partner

Making lifetime gifts

Death or changes in circumstances of your executord and/or beneficiaries

Moving house

 

 

Simply ask the question, does your old will still carry our all of your wishes?

If it does great, if it doesn’t then talk to your solicitor and get it changed.  If you would like to discuss matters further, please contact James at Oldham Marsh Page Flavell on (01664) 563152

 

 

 

 

 


Oldham Marsh Page Flavell are Solicitors in Melton Mowbray.



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