Only 60% of us have a Will, so you’re already ahead of the game by already having one written. However, how long ago was it written? Can you recall what it contained? Has anything substantial changed since you created it? It is a common misconception that a Will is a one-time document that is stored away and only opened after our death, but this is not the case. Life is uncertain, and relationships, preferences, and laws are all subject to change. Therefore, it is vital to examine and amend your Will to reflect these changes. But when are the most important times to evaluate your Will?
When you get married
Any previous Wills in England and Wales are automatically null and void under marriage laws. If you do not replace it with a new Will, your Estate will be divided according to inheritance laws known as rules of intestacy. Under the rules of intestacy, your new spouse is not legally entitled to your entire Estate and may not be entitled to your family home.
It is possible to avoid this by including a specific clause in the Will that states, “in contemplation of marriage.” However, this must be drafted correctly otherwise the provision may fail meaning the marriage still voids your Will.
When you buy a property
Purchasing a home is a significant investment that will alter the value of your Estate. Your Will must specify how you want that value to be distributed or how you want to protect your home for your loved ones.
If you’ve remarried and have children from a previous marriage, you may want to leave the property to the children while also allowing your spouse to stay until they die. You will need a Life Interest Trust to accomplish this.
When you have children
It’s an obvious reason, but having children changes how you want your Estate distributed. You may have wanted to leave parts of your Estate to other family members before having children, but having children has changed that.
You should also appoint guardians for your children while they are minors and make provisions for their care.
When you have grandchildren
Another significant event is when your children have children of their own. It will undoubtedly alter your wishes for your Estate, as you will most likely want to leave portions of it to them. As a result, now is an excellent time to review.
If you get divorced
When you get divorced, it goes without saying that you should review your Will, but there are some things to consider. Many people name their spouse as a beneficiary, trustee, or executor, which can complicate Estate administration.
Only once a Decree Absolute is issued, anything you gave to your ex-spouse will be treated as if they died on the date your Estate legally ended. This means that anything they were due to inherit will be passed on to the next beneficiary named in the Will. However, if you leave everything to your spouse with no other beneficiaries named, your Estate will be distributed according to the rules of intestacy.
Someone you name in your will dies or loses mental capacity.
Another scenario to consider is the death of someone named in your Will. To state the obvious, they will no longer be able to serve as a beneficiary, executor, or trustee, which may necessitate changes.
They will also be unable to act as executors or trustees if they lose mental capacity or contract an illness that prevents them from doing so.
When the value of your Estate changes
It’s important to examine your will and make sure that it doesn’t change as a result of any changes to your Estate’s value or the assets you own, such as selling a house and investing the proceeds elsewhere.
When the law changes
Laws are always changing, and such changes may have an impact on your Estate. You may need to re-organise how assets are distributed and to whom in the wake of changes in inheritance tax law, for example. If none of the above events occur, we would always recommend an update every 3 to 5 years to keep up with changes in the Law. Even if nothing has changed, the standard legal wording of your Will and how it should be interpreted may have changed.
How to change your Will
If you need help reviewing or revising your Will, we are here to assist you. We would always advise creating a new Will over amended your existing one by hand or creating a codicil. Get in touch with us today to on 0800 090 3051.
