8 Life Events That Should Prompt You to Update Your Will

A Will is one of the most important documents you will ever write and allows you to decide what happens to your money, property and possessions after your death.   There are several life events that could trigger changes to your Will.  

Life events can change what you own and who you want to share it with following death. It is important to ensure that your Will is kept up to date to reflect these life events. Failure to update your Will could lead to confusion or disagreement from loved ones about what happens to your estate after death.  

This article outlines some of the events that may require you to change the contents of your Will, ensuring that it is kept up to date. 

1. Marriage or Civil partnership: 

Entering into a marriage or civil partnership is a significant milestone that extends beyond the day itself. In England and Wales, entering into a marriage or civil partnership automatically invalidates any previous Wills you have made. You can prepare a Will in anticipation of a marriage or civil partnership, and a legal professional will advise you on how to ensure that any Will made in anticipation of such event, can deal with your wishes following the marriage or civil partnership. 

If you don’t update your Will following a marriage or civil partnership, the estate will be distributed in accordance with the rules of intestacy and could result in the spouse or civil partner losing out. 

 2. New additions to the family 

When your family grows and a new child is born, it may be that you would like to update your Will to reflect the changes and ensure that such child is provided for. 

In addition to providing for children, your Will is able to provide for what will happen to children if they are still minors when you pass away. You are able to deal with things such as guardianship and financial provisions.  

Appointing a guardian allows you to choose someone who you trust to raise your children and set out clear provisions for your children’s financial future.  

 3. Buying a property 

Purchasing a property, whether it be as first-time buyers or moving house, is a considerable milestone during your lifetime. We would advise that you review your Wills when you move property.  The acquisition of a property will usually increase your estate value and consideration would need to be taken on any inheritance tax implications. 

You should also consider how you own the property and whether this is held in your sole name or jointly with other parties.  

4. Changes in financial position 

Your finances are an ever changing matter and if you experience any significant changes in your financial position then you should review the contents of your Will.  

Changes with your financial position could lead to changes in your inheritance tax liability and you can review the details and identify what steps you want to take to mitigate this.  

5. Inheriting from another estate 

Receiving inheritance from another person alters your estate and you should review your Will and the tax implications. You should review your Will and estate planning, discussing how you want to manage these as part of your estate or if you want to consider making some post-death variations.  

 6. Changes in health 

Health is a crucial part of estate planning and commonly when an individual has a sudden change in their health, they consider their estate planning and ensure their loved ones will be taken care of by way of a valid Will. 

7. Death of a family member 

The death of a family member may require you to review your Will and consider the redistribution of assets in your estate.  Likewise, the death of an executor named in your Will could trigger alterations to your Will.  

 8. Divorce: 

Divorce can significantly disrupt your life and what this means for your finances, property and family.  

A divorce does not automatically revoke your Will, unlike marriage, however, once the decree absolute has been granted the former spouse will be treated as though they predeceased.  This means that any gifts left to a former spouse or civil partner will be disregarded and treated as though the former spouse died before him.  

 Seeking Legal Advice 

It is important to consider the changes in your personal circumstances and any significant life events since your Will was prepared. A Will is such an important part in planning for your future and it is the simplest way to protect your estate from passing in accordance with the intestacy rules. It is also important to ensure that they are valid and up to date with any changes in circumstances.  

Our specialist team are experts and able to take you through the process, tailoring the service specifically to your needs and advise on all suitable areas.