A Will is an important legal document that outlines how your money, assets and possessions will be distributed after your passing.
As your personal circumstances change, your Will should also change with them to ensure it continues to reflect your wishes.
Here are 10 key life events that should prompt you to review or update your Will:
1. Marriage or Civil Partnership
If you marry or enter a civil partnership and do not make a new Will, your estate will pass under the rules of intestacy, which may not reflect your wishes.
Many couples also choose to make Mirror Wills at this stage to ensure that their wishes align, particularly when it comes to jointly held assets.
2. Divorce or Separation
On divorce, any gifts to your ex-spouse are cancelled, as is their appointment as executor, but the rest of the Will stands. This may leave you without an executor or beneficiary, so it is important to ensure your Will is updated to make sure there are no omissions.
If you are not married to your partner but are separated, your Will would remain as drafted, which could result in your estate passing to someone you no longer have a relationship with.
3. Birth or Adoption of a Child
If you have adult children, they may also have their own families now, which could impact how you allocate your estate if you wish to name grandchildren.
4. Significant Change in Financial Status
These changes may affect how your estate is divided or create new tax implications.
For example, if you have gifted money to one child, you may want these gifts to be equalised between your remaining children in the future.
You may also need updated advice on inheritance tax as your situation changes.
5. Buying or Selling a Major Asset
For example, if you buy a home, you may wish to specifically leave it to certain family members to make sure you can benefit from the available allowances. If you own a business, you may want to include provisions to maximise any potential Business Property Relief allowances.
6. The Death of Someone Named in the Will
7. Children reaching Adulthood
8. Charitable Intentions
You may wish to include a charitable organisation in your Will, or if you’ve changed your mind about a previously listed charity, it’s important to revisit your Will. There may also be tax benefits to this, so it is worth including it in your Will rather than asking your family to make a charitable donation from your estate after your passing.
9. Changes in Tax Laws or Regulations
For example, in the recent budget, the rules governing the taxation of pensions on death changed significantly.
10. Periodic Review
A periodic review can help catch oversights and allow for minor adjustments that keep your Will relevant.
Conclusion
Updating your Will is not a one-time task but an ongoing process that should reflect the significant changes in your life. If any of the above scenarios apply to you, it’s time to revisit your estate plan and ensure it is still fit for purpose.
Contact us
If you, a friend or family member, are looking to prepare a Will and would like our assistance please contact our office on: enquiries@charles-coleman.com or telephone our Windsor office on 01753 861 115 or our Virginia Water office on 01344 843 666, and our Private Client team would be delighted to help.
This blog is provided for informational purposes only and does not constitute legal advice.
If clients wish to discuss any of the above, please contact our Private Client department who will be pleased to assist you.
