When You Should Refresh Your Will
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If you have been prudent and had a Will in place throughout your adult life, it may be time to re-visit and check that it still reflects your wishes. If your current will was made later in life, or you have not had much change in your life, your Will may only need a little tweak here and there.
A Will is a binding document detailing how your assets will be shared in the event of your death. It holds more weight than an unmarried partner and children do in determining what happens to your estate and belongings, which is why it is so important to have a valid will in place.
If you prepared your Will as a young single adult and decided to leave everything to your siblings, parents, or charity, you might want to reconsider your wishes as life progresses.
So, when should you refresh your Will?
If you get married, your existing Will becomes invalid, unless it states that it is in contemplation of the marriage taking place.
Your children will not automatically be left with anything in the event of your death, so they need to be included in your Will should you so wish. If you have children, you should have a Will to appoint a guardian. They are your most precious asset so protect them and do not forget to include new children to the family.
For the purpose of your Will, your ex-partner will be judged to have died before you, if you have completed the divorce and obtained a Decree Absolute. Making a new Will is advisable should you get divorced, especially as your wishes are likely to have changed. More pertinent is getting a new Will in place if you have separated but not yet completed your divorce, as your spouse would still inherit.
If you are diagnosed with a life-changing illness, or received a terminal prognosis, you may re-evaluate your wishes. You may choose to leave something to a chosen charity or research foundation, for example. If faced with these difficult circumstances, draw on our expertise to ensure you make appropriate decisions to protect all involved.
Death and new arrivals
If either a beneficiary or executor dies, you will need to make changes to your Will to reflect this. You may also wish to include any new additions to the family.
Other major life change
In a nutshell, if you have doubts or face major changes in your life, call our private client team on 01282 433 241 for an initial consultation. For more information please visit- DRN wills, probate and inheritance.