Laws around Wills and Probate are constantly evolving, and it can be challenging to separate the relevant facts from the often alarming headlines.
Maintaining regular contact with your estate planning advisor is key to staying informed about any changes that might affect you and the distribution of your estate.
Research commissioned by The Association of Lifetime Lawyers in 2023, revealed that just 56% of people in the South East have updated their Will in the last five years, meaning 40% of Wills in the region are out of date.
This is especially concerning given that five years ago, the Residence Nil Rate Band (a crucial tax relief worth £175,000) was introduced, dramatically changing the way we offer estate planning advice.
Unfortunately, this statistic indicates that a large portion of the population has not received up-to-date Inheritance Tax guidance when creating their Wills.
In recognition of ‘Update Your Will Week 2025' - a campaign by The Association of Lifetime Lawyers Solicitors emphasising the importance of regularly reviewing your Will and estate planning - the Private Client department at Monan Gozzett LLP has been reflecting on the common situations that necessitate updating your Will.
Marriage and Civil Partnership
It’s important to remember that marriage or entering a Civil Partnership revokes any Will made before the union, meaning the Intestacy rules will determine how your estate is distributed.
However, it’s essential to note that being married does not automatically ensure your estate passes entirely to your spouse.
A new birth or death in the family
A new birth or the passing of a loved one can significantly affect family dynamics.
The addition of a child or grandchild may change your priorities, and it’s important to ensure your Will reflects your updated intentions.
Similarly, if a beneficiary passes away, your estate may need to be distributed among alternate beneficiaries, or it could lead to partial intestacy.
We recommend seeking professional guidance to ensure your estate is managed according to your wishes.
A new diagnosis
Facing a life-altering diagnosis like a terminal illness or dementia can shift your priorities, often leading to a desire to ease the burden on your loved ones.
Some believe that a diagnosis like dementia automatically disqualifies someone from making a new Will, but this is not true.
As long as you retain the necessary mental capacity, you can update your Will.
Updating your Will promptly can also protect your estate from potential challenges after your death.
Buying or selling property
Moving house, whether upgrading, downsizing, or relocating, can have significant implications for your estate planning.
A change in the value of your property can affect how your estate is distributed, especially if the property is worth significantly more or less than your previous one.
If you co-own property with someone who isn’t your spouse, reviewing any agreements regarding your joint ownership is important.
How We Can Help With Your Will
We recommend reviewing your Will annually, independently of major life events, and letting us know about any life changes.
It’s not uncommon for us to come across Wills that are 10, 20, or more years old.
While this doesn't always mean they need to be changed, they definitely need to be reviewed.
Whether your circumstances have changed or are about to, Stephen Sampson and Jess Riseborough have combined experience of over 20 years, providing advice on how changes to your life can affect your Will.
For further information on our free initial consultations, contact our Private Client team on 0207 9366329.
Please note that we are unable to offer free legal advice. Our client services team are here to take your case details and explain any costs involved
If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.
Please note that we are unable to offer free legal advice. Our client services team are here to take your case details and explain any costs involved