Review your will 'every five years'

People should review their will once every five years to make sure any important lifestyle changes are accounted for, an independent financial advisory firm has suggested.

Consilium Financial Planning points out that major life events such as getting married, having children or getting divorced can have implications for the contents of a will.

As a result, regular five-yearly checks - or more frequently if lifestyle factors are quick to change - are recommended to ensure wills are kept fully up to date.

Kevin Morgan, managing director of the firm, said: "In our view wills should be reviewed every five years and certainly on divorce or other important lifestyle changes."

But he stressed that an even more important message to convey is the importance of actually writing a will in the first place.

There are still far too cases where people have died without a will, he claimed.

Current intestacy laws state that surviving spouses or civil partners should inherit the first £125,000 of the estate of the deceased, while the couple's children receive the remainder.

Where there are no children, then grandchildren, surviving parents, siblings and other family members will be entitled to a share.

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Published on: July 25, 2008

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