It is essential that wills are reviewed regularly. Changes in personal situations, legislation and client intentions may change over time and mean that a previously drafted will is no longer appropriate. This article explores the importance of regular will reviews and outlines key triggers and justifications for updating.
Changes in Personal Circumstances
Clients’ lives are rarely static. Significant life events can render an existing will in high need of a review, or potentially even invalid. Common triggers necessitating a will review include:
Marriage or Civil Partnership
Entering into a marriage or civil partnership currently revokes a will under S18 and S18D Wills Act 1837, unless the will expressly states that it was made in contemplation of this. This may change in the future, as the Law Commission in their recent view of wills have recommended abolishing this rule.
The ending of a marriage or civil partnership, on the other hand, does not automatically revoke a will. However, the effect of S18A and S18C Wills Act 1837 respectively means that ending of the marriage or civil partnership causes any gifts to, or appointment of, the spouse or civil partner to fail unless the will states otherwise.
Birth or Adoption of Children
The arrival of new children may require the inclusion or amendment of guardianship provisions or adjustments to the distribution of the estate.
Death of Beneficiaries or Executors
The death of a beneficiary or executor may require the naming of replacements to avoid partial intestacy or administrative complications.
Significant Changes in Assets
The acquisition or disposal of substantial assets, such as property or business interests, may require amendments to ensure the will accurately reflects the client’s estate. For example, a recent inheritance may alter the desired distribution of the estate or result in a previously non-taxable estate becoming liable to inheritance tax.
Lifetime Planning
Clients may have made, or wish to make, significant gifts or establish trusts during their lifetime as part of their tax planning or asset protection strategy. It is essential to review the interaction between such arrangements and the provisions of the will. For example, lifetime gifts may affect the intended distribution of the estate or have implications for inheritance tax calculations.
Legislative and Taxation Changes
Legislation governing wills, inheritance, and taxation is subject to periodic amendment. Regular reviews ensure that wills remain compliant with current law and take advantage of any new tax planning opportunities.
For example, the introduction of the residence nil rate band in 2017 and the transferable nil rate band in 2007 significantly changed will drafting practices. Proposed reforms, such as changes to the taxation of pensions for inheritance tax purposes and the limitation of 100% business and agricultural relief to £1 million, will also require updates to best drafting practices. For example, see our previous article here.
Best Practice
It is generally recommended that clients review their wills at least every three to five years, or sooner if a significant life event occurs. Professionals should encourage clients to treat will reviews as an integral part of their broader estate planning strategy. Consider implementing systems to schedule periodic reminders and offer review meetings as part of ongoing client care.
Provide clients with educational materials outlining common triggers for will reviews, thereby reinforcing the importance of keeping testamentary documents current.
Conclusion
Regular will reviews are essential to ensure that a client’s wishes are accurately and effectively implemented. By proactively updating wills in response to legislative and life changes, clients can safeguard their wishes, minimise the risk of disputes, and ensure the efficient administration of their estate. As professionals, we are best placed to remind clients of the importance of this and to assist in organising will reviews.
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