Creating a will is an essential part of estate planning, ensuring that your wishes are honoured and your loved ones are cared for. However, it’s not a static document. Life is full of changes, and significant events should prompt a review and possible update of your will. Here, we explore how major life changes can impact your estate and why it’s crucial to keep it current.
Marriage or Civil Partnership
When you marry or enter a civil partnership, your existing will may become invalid. In England and Wales, marriage automatically revokes a will unless it was made in contemplation of the marriage. Without a new will, your estate is distributed according to intestacy laws, which might not align with your intentions. To ensure your spouse or partner is adequately provided for, it’s vital to update your will promptly.
Divorce or Separation
Divorce or legal separation also necessitates a review of your will. In the event of a divorce, Your ex-spouse is treated as if they had died before you. This means any gifts left to them or their appointment as executor will fail but the rest of the will remains intact. This can lead to unintended consequences, such as children inheriting assets outright or other relatives receiving a larger share than intended. Updating your will ensures your assets are distributed according to your new wishes.
Birth or Adoption of Children
Welcoming a new child into your family is an exciting time, but it also comes with responsibilities. Updating your will to include provisions for your children’s future is essential. This includes appointing guardians, setting up trusts, and ensuring they receive their intended inheritance. Without these updates, your children may not be adequately provided for, especially if both parents were to pass away unexpectedly.
Significant Financial Changes
Major changes in your financial situation, such as acquiring property, starting a business, or receiving a substantial inheritance, should prompt a review of your will. These changes can affect the distribution of your estate and may necessitate tax planning to minimise inheritance tax liabilities. Ensuring that your will reflects your current financial status is crucial to achieving your estate planning goals.
Changes in Relationships
Relationships evolve over time, and these changes can impact your estate. Whether you have reconnected with estranged family members or experienced a falling out, it’s essential to reassess your will to reflect your current relationships. Consider who you wish to benefit from your estate and make the necessary adjustments to your will.
Death of a Beneficiary or Executor
If a beneficiary or executor named in your will passes away, you’ll need to review and possibly update your will accordingly. This ensures that your assets are distributed as intended and that the responsibilities of executing your estate are carried out by someone capable and trustworthy. Selecting a new executor or redistributing assets requires careful consideration and legal advice.
Relocation
Moving to a different country or even a different region within the UK can have implications for your estate. Different jurisdictions have varying laws regarding wills and estate planning. It’s important to consult with a legal professional to ensure your will remains valid and enforceable in your new location.
Updating Your Will: The Process
Updating your will is not as daunting as it may seem. You can choose to create a new will or add a codicil, which is a legal amendment to your existing estate plan. Whichever method you choose, it’s wise to consult with an experienced writer to ensure your will accurately reflects your wishes and complies with current laws. At The Will Centre we shy away from advising clients to use a codicil as a way of changing estate plans for many reasons. Creating a new will might be a more prudent option to ensure clarity and reduce the risk of complications.
Conclusion
Life changes are inevitable, and so is the need to update your will. Regular reviews ensure that your estate plan remains aligned with your current circumstances and wishes. By keeping your will up to date, you provide clarity and security for your loved ones, minimising potential conflicts and ensuring your legacy is preserved.
For more information on the importance of having a will, visit our webpage for Will Writing in Plymouth.
