Most of us remember to service our car, renew our insurance and review our finances from time to time. Yet many people overlook their legal affairs, even though they can have a significant impact on their family, finances and future.
Life rarely stands still. Relationships change, children grow up, people move house, start businesses, retire or lose loved ones. Documents and arrangements that were perfectly suitable five years ago may no longer reflect your wishes or protect your interests.
At AFG Law, we regularly speak to clients who assumed everything was in order, only to discover that an important document was out of date or a legal issue could have been avoided with a simple review.
A legal “MOT” every five years can help ensure your affairs remain up to date and provide valuable peace of mind.
1. Review Your Will
Your Will is one of the most important legal documents you’ll ever sign.
If you have got married, divorced, welcomed children or grandchildren, bought property or experienced another significant life event, it is worth reviewing whether your Will still reflects your wishes. An outdated Will can have unintended consequences and, in some cases, major life events such as marriage may affect its validity altogether.
Even if nothing has changed, reviewing your Will every few years is good practice.
2. Check Your Lasting Powers of Attorney
Many people assume a Lasting Power of Attorney is something to think about later in life. In reality, it should be made while you are still able to decide who would manage your affairs if you became unable to do so yourself.
If you have already made one, ask yourself:
- Are the people you’ve appointed still the right choice?
- Have your circumstances changed?
- Are your attorneys still willing and able to act?
Reviewing these arrangements regularly helps ensure they remain suitable.
3. Review Property Ownership
If you own property with someone else, it is worth checking how it’s legally owned. For example, are you registered as joint tenants or tenants in common?
If you have separated, married, inherited property or contributed unequal amounts towards a home purchase, your ownership arrangements may no longer reflect your intentions.
Reviewing your property ownership can also help ensure it aligns with your wider estate planning.
4. Update Beneficiaries and Estate Planning
Many financial products allow you to nominate beneficiaries directly.
These can include:
- Life insurance.
- Pension death benefits.
- Death in service benefits.
These nominations should be reviewed regularly, particularly following marriage, divorce or the birth of children. They should also be considered alongside your Will to ensure your estate planning works together.
5. Review Business Documents
If you own a business, your legal documents should evolve as your business grows.
It may be time to review:
- Shareholder agreements.
- Partnership agreements.
- Commercial contracts.
- Terms and conditions.
- Commercial leases.
A business that has changed significantly over the past five years may be relying on documentation that no longer reflects how it operates.
6. Check Your Commercial or Residential Property Arrangements
Property ownership doesn’t end when the purchase completes. If you are a landlord, business owner or property investor, review:
- Commercial leases.
- Restrictive covenants.
- Rights of way.
- Property boundaries.
- Lease terms.
Likewise, homeowners should ensure title deeds and ownership arrangements remain accurate following any significant life changes.
7. Review Family Arrangements
Life changes can affect family arrangements in many ways. If you have separated, remarried or entered a new relationship, you may wish to review:
- Financial arrangements.
- Child arrangements.
- Cohabitation agreements.
- Prenuptial or postnuptial agreements.
Many people do not realise that agreements made years earlier may no longer reflect their family’s current circumstances.
8. Check Important Legal Documents
Legal documents are often signed and then forgotten.
Ask yourself:
- Is everything still accurate?
- Have addresses changed?
- Have people you’ve appointed moved away or passed away?
- Are there documents that need replacing?
Taking a fresh look every few years can prevent unnecessary complications later.
9. Think About Future Care Planning
Planning for later life isn’t simply about making a Will. It is also worth considering:
- Whether you have appropriate Powers of Attorney.
- Future care wishes.
- Funding arrangements.
- Estate planning.
- Whether your family knows your wishes.
These conversations are often much easier before they become urgent.
10. Ask Yourself One Simple Question
Perhaps the most important question is this:
“Would my legal arrangements still work if something unexpected happened tomorrow?”
If the answer is “I’m not sure,” it may be time to speak to a solicitor. A short review today can often prevent far more significant legal issues in the future.
Why Regular Reviews are Important
The law changes, families change, businesses grow and financial circumstances evolve.
Documents prepared several years ago may still be legally valid, but they may no longer reflect your wishes or provide the protection you intended.
Reviewing your legal affairs every five years, or sooner following a major life event, helps to ensure that everything remains up to date and gives you confidence that your family and assets are protected.
How AFG Law Can Help
At AFG Law, we believe legal advice shouldn’t only be sought when something goes wrong. Regular reviews can help identify issues before they become problems and ensure your legal arrangements continue to meet your needs.
Whether you need to update your Will, review a Lasting Power of Attorney, discuss family arrangements, buy or sell property, review business documents or seek advice on any other legal matter, our experienced team is here to help.
If it has been several years since you reviewed your legal affairs, now could be the ideal time for a legal MOT. Contact AFG Law today to arrange an appointment and let our experienced solicitors help ensure your plans remain fit for the future.