Creating a will is always worthwhile as it gives you peace of mind that the people you care about will be financially provided for after you’re gone.
If you’ve got a will in place already, you have made a great first step and it can be tempting to think that it’ll offer that same protection for ever. But it’s important to remember that if your needs and personal situation change, your will may not match your new life situation.
So, when exactly should you get your will updated and what events make it even more important? Here are a few life changes that should get you thinking about updating your will.
Having kids or new grandchildren arriving
The arrival of new children or grandchildren is an exciting time, but to ensure that they are protected, it is essential to ensure that your will is there to protect them when you’re no longer around.
Most parents naturally prioritise taking care of their children in their will, something you don’t consider if you made your first will when single or before you had kids as they simply weren’t around to protect! But now they’re here, maybe it’s time to review your will and make sure it’s acting in their (and your) best interests?
Marriage or divorce
Getting married or going through a divorce is also a key change in your life that should be reflected in your new will.
It is important to note that a marriage will revoke a will (leaving it no longer effective) unless the will was made in contemplation of marriage. In terms of divorce, if you would still like your ex-spouse to inherit something from you, you would need to update your will as your divorce partner will be assumed to have pre-deceased or died before you.
Moving or buying a new house/property
Buying a new property can represent a big change in the value of your estate (sum total of your owned assets) so this may mean updating your will should be on your to-do list. This is especially important if you own multiple properties and you would like to specify one of your relatives to inherit either of these assets after you pass away.
Someone named in your will dies
It’s never easy when someone close to you passes away, and if it’s someone close enough to be named in your will, it’s likely amending your will is not the first thing that springs to mind.
But it is important that your will is updated to include living beneficiaries only, especially if the beneficiary who died stood to inherit a significant proportion of your estate. If one or more named beneficiaries are no longer living when you pass away, your estate may default to relatives that you may not wish to inherit.
The five-year rule
As a general rule of thumb, it is always worth reviewing your will every five years to ensure it still meets your wishes and consider if changes are needed. While you can always check through your will yourself, we recommend booking an appointment with a professional solicitor to see if there are any specific changes you may miss while reviewing yourself, or if there have been any changes in law or taxation since your last will that may mean making changes could be in your best interest.
Need help with your will? Get in touch!
Our team of will-writing experts here at XYZ Law specialise in both creating and reviewing wills so, whatever your situation, we would be happy to offer advice to make sure you and your family are protected for the future.
To get started with updating your will, simply give us a call on +44(0) 3333 588 777 or fill in our quick contact form here.
Or to learn more about our will writing services, visit our dedicated webpage here.
