Is There a Right Time to Review Your Will?
Are you wondering if you need to review your Will? Well, if you are considering it then the answer is probably yes! Your Will needs to be reviewed every time you have a change in circumstances to ensure it is up to date and will still have the effect you want.
So, when is the right time to change your Will?
If you have a Will and get married, then it is going to need more than just a review. Marriage means that any previous Will is void and, as a result, if you pass away your estate will be governed by intestacy laws. The provisions in your Will might still be relevant but it will need re-signing and dating after the date of your marriage to ensure it is still valid and binding.
The Purchase of a Property
The value of your estate changes when you purchase a property. How this estate is distributed will be set out in your Will. You might want one child to inherit property while giving the other a lump sum to help keep things fair. However, a new property could mean that the child receiving a lump sum will get less. You may also want to consider giving someone a right to live in your property but without passing the capital to them entirely. This can be achieved by using a trust in your Will.
You Have Children
Children from a very important part of our lives for obvious reasons. However, having children can mean that you want them to have all or some of your estate. What’s more, you will want to appoint guardians for them too which can also be done within your Will.
Your Children Get Married
If your children inherit your estate in the future but their spouse is likely to waste the money, then it could be beneficial to consider your options. Again, if they divorce, their ex-partner will also have the right to half of their inheritance. There are ways to ensure that this doesn’t happen by protecting their inheritance for them.
You Get Divorced
After you have got divorced you should review your Will. Legally any former spouse will be treated as if they have pre-deceased so they will not inherit under a Will that was attested during the marriage however it is still important to carry out a full review and ensure your Will reflects your new circumstances.
A new marriage brings with it new beginnings and you will want this to be reflected in your Will. You will need to consider children from your previous marriage as you will want your estate to pass to them but of course, your current spouse will also need to benefit from your estate. One example of this could be the children inheriting your estate yet your spouse remaining in the family home. All of this can be addressed in your Will.
Someone Named in Your Will Dies or no Longer has the Mental Capacity
A beneficiary in your Will or an executor might pass away or lose the ability to manage affairs when you pass away. As a result, you may need to remove them from the Will and choose someone else to take over the role.
Your Estate Changes in Value
The value of your estate can go up and down and any changes should be reflected in your Will. You might sell assets or property and that can mean that how your estate is distributed will change, especially if your Will makes specific gifts of property that you no longer own.
A Will is a vital document that will contain your wishes when you pass away. It is very important to ensure that this is regularly updated to match your circumstances.