He says that people's shares and other assets are also likely to have fallen in value too and he urges anyone with a Will who has not updated it recently to review it and, if necessary, make a new Will so that it reflects their current financial situation.

Solicitor Carolyn Bagley, partner at lawyer firm Shoosmiths, agrees with the Law Society. She says:

“Many people's Wills have been made when the economy was booming, yet it won't have occurred to people that straitened times demand a Will review; one that takes account of altered circumstances.

"For example, some people will have given sizeable cash sums, or a specific gift of a house, safe in the certainty of the value of both their house and the rest of the estate. However, as those values erode, some people may accidentally leave more to legatees than to their ‘main' beneficiaries."

But your assets changing in value is not the only occasion when you should revise your Will. There are many times when you need to think about making a new Will and here are the main events in life when a new Will is necessary.

Changes in your family

You should make a Will, for example, when a baby is born, one of your children becomes 18 (or perhaps some significant later age), or there is a death in the family.

Marriage

This event automatically revokes a previous Will, unless your Will expressly states that it's made in contemplation of your forthcoming marriage. It's always safer to write a new Will once you've got married.

Civil partnership

Registering a civil partnership has the same effect as marriage, so you need to make a new Will.

Divorce

Unlike marriage, a divorce doesn't revoke a previous Will. But if your former spouse is named as a beneficiary, then upon divorce they will cease to be a beneficiary or receive a gift, unless your Will expressly states that the gift should still take effect if you divorce. If your former spouse is named as executor in your Will, then upon divorce they will no longer be allowed to act as executor or obtain probate of your Will. It's best to make a new Will whenever you get divorced.

Find out why you should make a Will when getting divorced.

Dissolution of a civil partnership

The dissolution of a civil partnership has the same effect as a divorce and, again, you should write a Will.

Separation

This event doesn't have the effect on a Will which a divorce has, so it's best that you review your Will as soon as separation occurs.

Changes in your financial circumstances

You may have recently acquired assets which you would like to give to particular beneficiaries, or perhaps, due to hard times, your estate may have become insufficient to provide for the legacies you have made. Again, this is a good time to make a new Will.

Changes in taxation

If your estate is large enough (or becomes large enough) to attract tax, new taxes or reliefs, or changes in the rates, may call for you to make a new Will.

Read our seven steps to saving inheritance tax.

Going to live abroad

It's normally desirable to make a Will in the country where you reside to simplify the administration of your estate. It may also be helpful if you need to establish a change of domicile. Local advice should be sought.

In any case, it's always a good idea to review your Will at least every year, so that it's always up to date.

Find out more about why you should be making a Will, or stop worrying and make a Will today.

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