Do we need to revise an old will?

[DuesToTheDirt]

I keep thinking the answer is yes, though I'm not sure what we would change.

DH and I have a joint will that is about 20 years old, made when our children were young. If we updated it, the provisions would be basically the same - leave money to each other, or if we both go at once then split it between the kids. We're better off now than 20 years ago, but would/should there be anything we now need to reconsider in a will?

@bigbluebus
We have considerably more than that. We are considering a trust before death for DDs. If anyone does know the answer I’d be interest to know regarding trust on death. Does DH then have to pay rent to trustees?

I’m guessing it does make a difference to IHT as we haven’t done it - I just cannot remember the advice!

@TizerorFizz If DH dies before me, I can live in the house for as long as I want to/need to free of charge (although I will be responsible for the cost of upkeep). If I want to move then I can do that too - the trust will just own 50% of the new property. If I go into a care home and the house is sold then the trustees must invest the 50% proceeds until my death - at which point DS gets the proceeds.