Is your Will still right for you?

Writing a Will is one of those things many of us know we should do.

But once it’s written, it’s easy to put it away somewhere safe and forget about it.

The problem is that life doesn’t stand still.

Families change. Relationships change. Assets change. And sometimes our wishes change too.

So an important question isn’t simply:

“Do I have a Will?”

It’s:

“Is my Will still right for me?”

1. Have you got married?

Marriage can be an important reason to review your estate planning.

Your circumstances may now be very different from when your Will was originally prepared.

Your partner may have become the person you most want to protect, and your wider family arrangements may have changed too.

If you’ve married since your Will was prepared, it’s particularly important to establish how that affects your existing arrangements.

2. Have you had children?

Having children often changes the way we think about the future.

Parents may want to consider who should care for their children if something happens to them, as well as how any inheritance should be managed.

There can also be questions around when children should receive an inheritance and whether any particular family circumstances need to be considered.

These aren’t pleasant things to think about.

But planning for an unlikely event can be one of the most responsible things a parent can do.

3. Have you become a grandparent?

Becoming a grandparent can change your thoughts about legacy.

You may want to provide something for your grandchildren, whether that’s financial support, assistance with education or help later in life.

Your Will can form part of that conversation.

But it’s worth considering your wishes within the context of your wider family circumstances.

4. Have you bought or sold property?

For many people, their home is their largest asset.

Perhaps you’ve moved house, bought another property or changed the way a property is owned.

A significant change to your property position can be a good reason to review your estate planning.

5. Have you started or sold a business?

Business owners have another layer of complexity to consider.

Your business interest may represent a significant part of your wealth, and what happens to that interest after your death may have consequences for both your family and the business itself.

Your Will should be considered alongside any other relevant business arrangements and professional advice.

6. Have your family relationships changed?

Families aren’t always straightforward.

Relationships can change over time.

• You may have become closer to someone.
• You may have lost contact with someone.
• You may have separated from a partner.
• You may have remarried.
• You may have welcomed a new member of the family.

These changes can all affect the way you think about your legacy.

7. Has a beneficiary’s situation changed?

This is an area that deserves particular attention.

• Perhaps someone you intend to benefit now receives means-tested benefits.
• Perhaps they have additional support needs.
• Perhaps they struggle to manage money independently.
• Perhaps their circumstances have changed considerably since your Will was written.

An inheritance that seems straightforward on paper may have wider consequences.

This is why vulnerable beneficiary planning can be an important part of a wider estate planning conversation.

8. Have your assets changed?

Your financial position today may look very different from when your Will was prepared.

• You may have accumulated savings and investments.
• You may have inherited assets yourself.
• You may have acquired a business interest.
• You may have sold something significant.

A review allows you to step back and consider whether your current arrangements still make sense.

9. Have your wishes changed?

Sometimes nothing external has changed.

You have simply changed your mind.

That’s okay.

Your estate plan should reflect your wishes.

• Perhaps your priorities are different.
• Perhaps you now want to support different people.
• Perhaps you’ve thought more deeply about what you want your legacy to mean.

A review gives you the opportunity to consider those wishes.

Your Will is part of a bigger picture

A Will is important, but good legacy planning doesn’t necessarily stop there.

You may also need to consider:

• Lasting Powers of Attorney
• Trust arrangements
• Vulnerable beneficiary planning
• Inheritance tax
• Property ownership
• Business interests
• Your wider family circumstances

The right planning will depend on your individual situation.

That’s why we believe the conversation should come first.

So, is your Will still right for you?

If you can’t remember the last time you reviewed it, or if your life has changed significantly since it was prepared, it may be worth taking another look.

And the answer doesn’t necessarily have to be “change everything”.

Sometimes a review simply confirms that your arrangements remain appropriate.

Either way, knowing is better than assuming.

Start the conversation

At The Northern Legacy Co., we help families step back and look at their wider legacy planning — with the family, their circumstances and their wishes at the centre.

If you’ve been wondering whether your Will is still right for you, we’d be happy to have a conversation.