Reviewing your will 'important in your 40s'

Ideally you should review your will every few years, but it is arguably more important to do so once you reach your 40s.

According to a post on the Credit Loan blog, most people have different financial priorities in their 40s than they did in their 20s and 30s.

For example, the emphasis may no longer be on paying off debts and saving for large purchases such as property.

In your 40s, you may be closer to paying off your mortgage and have children who are planning to go to university, the article points out.

If you wrote a last will and testament when you were younger, chances are you will now need to update it, especially if it was drafted before you had children or bought a home.

"Make sure that the beneficiaries you have listed are still who you would choose as your heirs," the post recommends.

"Many people forget to remove an ex-spouse, or they'll write a will early on and neglect to update it to include a spouse, children, or other heir.

"Further, make sure that specific assets listed are current and a provision is included for anything not specifically named."

Research carried out earlier this year by children's charity Barnardo's revealed that almost 60 per cent of UK adults have not yet drafted a will.

Posted by Gemma Roskell

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Published on: August 9, 2010

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