A will doesn't expire, but... when did you last have your MOT?

Many people who have ever been to a notary (usually for the purchase of a house) draw up a will. Some wills are decades old. Fortunately, wills don't expire; what you've established remains valid until you change it. However, your circumstances often change! So, what was once sound may no longer be suitable due to the passage of time. If you have an old will (especially one from before 2003), it's important to have a notary check whether the provisions still apply to your current situation. Below are some reasons why you might want/need to change your will!

Six reasons to revise your will
A will was once appropriate for your situation. Perhaps it still is, but situations change. Below are six reasons to reexamine your will:

1. Divorce or (re)marriage

After a divorce, an old will is often forgotten. It's also wise to review your will if you (re)marry, enter into a registered partnership, or enter into a cohabitation agreement.

2. Your life partner has passed away

If you and your spouse/partner made a will together and they have since passed away, your wishes may have changed. For example, you might want to appoint your children (or another trusted person) as the funeral executor or the person to settle your estate.

3. Arrangements for children

If you've had children or your children have just reached adulthood, you may want to amend your will accordingly. For young children, for example, you can appoint a guardian and a trustee. A guardian will have parental responsibility for the minor child. A trustee will manage the inheritance (for example, until a certain age). If your children have just reached adulthood, you may want to give them a role in your will or arrange your inheritance differently.

4. Financial developments

Between the time the will was drawn up and now, significant financial changes may have occurred, such as purchasing a home, investing, or starting a business. This can have consequences for your estate.

5. Moving abroad

If you are a Dutch citizen living abroad, you can choose to have Dutch inheritance law applied when drawing up a will. This prevents the inheritance law of the country where you live from being applicable.

6. Changes in legislation

In 2003, inheritance law underwent significant changes. Wills drawn up before then remain valid, but may no longer be fully compliant with current law. There are also several (favorable) tax options that may not have been considered at the time the will was drawn up.

At the notary's office for an MOT!

By having your will reviewed regularly, you prevent it from becoming unsuitable for your situation and can prevent potential future conflicts (for example, between your heirs). Both the law and your personal situation change over time. The notary will review the legal and tax implications of your will with you and advise you on any adjustments to better align it with your current wishes and circumstances.

Would you like more advice on this topic? Contact us. We're happy to help. Email service@maesnotarissen.nl or call +31 (0)10 44 53 777. We look forward to seeing you.

This article is taken from 'Notariskrant', a product of FBN Juristen. This article should not be considered legal advice. FBN Juristen and MAES notarissen take the utmost care with the content of these articles but accept no liability for any incompleteness or inaccuracy of an article, nor for any consequences thereof.