When major life events mean updating a will becomes essential
A will is an important document to ensure that your wishes are clear to those dealing with the administration of your estate.
There are some important life changes that mean it is likely you need to amend your will.
- Marriage
- Divorce
- Children and/or grandchildren
- Buying or selling property
An up-to-date and accurate will explains your wishes to the executors (the people responsible for following your wishes and distributing your estate accordingly) meaning that your wishes are known and it can simplify distribution and reduce the chance of contention.
Major life changes:
Marriage:
If you are looking to get married, it is a good time to consider your will and any changes that could be necessary.
If you get married after your will was written, your will could be invalid unless it was written with the marriage in mind and this is indicated in the will. If changes are not made to a will at the appropriate time, it can cause issues upon your death, as you may be deemed to die intestate (without a will) and your estate would be distributed under the intestacy provisions rather than in accordance with your wishes.
Divorce:
There are also implications for your will upon divorce:
- Your ex-spouse will no longer be a beneficiary to your estate. In your will, it will be as if they pre-deceased you, and they will essentially be ignored in the estate distribution. This may be an issue where you still wish your ex-spouse to benefit from your estate. If this is the case, it is important that you update your will to show this intention.
- After divorce, your ex-spouse can no longer act as an executor for your estate. If your ex-spouse was the only executor, or one of two executors this may cause delays in the distribution of your estate as additional administrators may need to be appointed. This can be costly and time consuming.
It may be that you wish for your ex-spouse to continue to act as your executor upon death despite the divorce. If this is the case, it is important that you change your will to reflect the divorce and your wish that the ex-spouse remains your executor.
Major financial changes, including buying or selling property:
If you are looking to buy or sell a property, it is a good time to review your will to ensure that your wishes are clear in respect of the major financial change you are considering.
It is likely that your conveyancing solicitor will prompt you to consider your will if you are contemplating a sale or purchase.
Other financial changes can include the sale or purchase of shares. It is important that your will is clear and accurate when dealing with shares and bonds to ensure that your wishes can be followed upon distribution.
Children, grandchildren and other new family members:
It is important that you consider new family members in respect of your will. The birth of another child or grandchild could mean that your will requires amendments.
Whilst there are some major life changes that require re-consideration of your will, it is important that you regularly review your will to ensure it is an accurate account of your wishes. When doing so, it is also sensible to ensure you are receiving advice from a properly regulated professional. You can read more about this in our guide on the importance of using a regulated will advisor.
Need help updating a will after a life change?
If your circumstances have changed, reviewing your will can help ensure your wishes are still reflected clearly and legally. Our Private Client solicitors can assist with updating a will and reviewing your estate planning.
Call 01305 771 000 or contact our teams in Weymouth, Dorchester, Bridport, and Portland today.
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