This seems like an odd question but the reason we ask is because two years ago the Intestacy Rules (who gets what when someone die without a will) changed in England and Wales. Even if you have a will but have not reviewed it within this period you and your loved ones might be affected by the new order set out in the Rules.
These new regulations affect only to those who die with more than £250,000 in assets and if they have not made a will, the law decided the order of inheritance and all might end up going to people you don’t have relation with or to the Crown. For example, if you are cohabiting with your partner but you are not married and one of you suddenly passes away, your partner is not entitled to get anything under the new rules
That is why is very important to make a will, within other reasons that we have already commented on in previous blogs.
But we know that the changes in the law despite being important might not be the principal reason for you to make a will or to review the one that you have. We acknowledge that any changes in your family situation, your finances, your assets, and your health are of more vital importance to you. Thus, to make sure that you provide for your loved ones and your wishes are followed after you death, a will must be in place.
Why is it important to review a will?
Imagine you have a car and from time to time you need to change the oil or change the wheels for your security. You also need a maintenance plan for your will as life events happens and law changes, for example if you get divorced or remarry.
You should review your will every 5 years more (or less) if you want to have peace of mind.
If you are also interested in how to protect your digital assets such as social media platforms or what will happen to them when you die, read our blog “Have you named your Facebook heir yet?”