Having taken the important and responsible step of making a Will, many people simply put it in a safe place and forget about it. However, there are times throughout your life when it makes sense to review and revise its contents.
Over the years, family dynamics can change. You should review your Will if you get married, as marriage revokes a Will in England and Wales (but not Scotland). Whilst getting divorced doesn’t revoke a Will, in England and Wales an ex-husband or wife or civil partner would no longer benefit from it, so you may want to reconsider who gets what.
Whilst separation, judicial separation and separation orders don’t have an effect on your Will, you may no longer want your spouse to inherit or be your executor.
Similarly, if you’ve named someone in your Will as a beneficiary or executor and they die, or you have had more children or grandchildren, then you may want to change the terms of your Will. You can also specify who should be the legal guardian of your children, so you might want to add or review these details at some point.
If you’ve acquired assets or disposed of them since you wrote your Will, then you may need to update the provisions you’ve made.
These days, it’s also important to consider your digital assets such as photos, emails, music downloads and the content stored in social media accounts. With more people regularly using services like online banking, PayPal, Facebook, Twitter, Amazon and YouTube, decisions need to be made as to what should happen to these too.
The FCA does not regulate wills