Generally you should review your Will every 5 to 7 years or if your circumstances have changed.
Examples of changes of circumstances are getting married or remarried, getting divorced or separated,
the birth or adoption of children and coming into money, perhaps by inheriting yourself.
Some people have no close family still living. Sometimes people wish to make a gift, sometimes large and
sometimes small, to a friend, helpful neighbour, charity or local church. Without a Will these gifts would not be made.
This is a fruitful area for disputes. When you make your own Will, be aware of the formalities of signing and witnessing the Will. Equally important is to comply with the formalities if you try to change part of the Will subsequently. Formalities can be a minefield - for example, if one of the witnesses to a Will is also a beneficiary, the Will is valid but the legacy to that witness will fail, so a simple good deed in offering to witness the Will could have disastrous consequences.
If you marry or enter into a registered civil partnership, any previous Will is deemed to be revoked, unless specifically stated otherwise. This could thwart your carefully planned intentions.
If you have children then it is sensible to appoint guardians in the event of the death of their parents. This can be a difficult decision to make, but that is all the more reason to address the issue and plan who would be best and discuss it with them. The alternative is to do nothing and hope for the best.
Do you wish to leave everything, something or nothing to your partner?
Mere cohabitation does not give rise to any entitlement to inherit.
Make a Will and make it clear.
But what if one of your children is an adult facing problems, such as potential bankruptcy after an unsuccessful business venture or
impending divorce? If a legacy was made in such circumstances it may just be swallowed up, in whole or in part, in the bankruptcy or divorce proceedings.
There are ways of dealing with these situations. Money spent on good advice could save you and your loved ones vastly more.
