When Should I Consider Making a New Will?

Updating your Will is often an important task which is overlooked by many. A Will is not a one-time document, it is recommended that you review the contents of your Will every couple of years to ensure that your wishes are still correct and that your Will is appropriate for your circumstances. There are also various trigger events throughout our lifetimes which should prompt the need to review and consider your Wills further.

Marriage 

Marriage is a major milestone in many people’s lives, which brings about various legal implications that need to be considered. One of those implication is the effect that marriage has on an existing Will. Marriage automatically revokes any Will and Codicil that you have executed prior to your marriage. The only exception to this rule is if your Will is specifically made in contemplation of your marriage to your now spouse.

It is therefore crucial to update your Will after marriage to ensure that your estate is distributed in accordance with your wishes, instead of the Rules of Intestacy. Additionally, you should also consider any tax advantages which may benefit from as a result of your marriage, or consider any complexities of your relationship if you have formed a blended family. A Solicitor will be able to guide you through the new rules and considerations to ensure that you are fully advised as to the position you are now in. 

Divorce 

Unlike marriage, Divorce does not automatically revoke a Will. Instead, your Will remains valid but your ex-partner is treated as though they had passed away when the divorce is finalised. This could lead to serious issues with your Will, especially if you have not put in place provisions on where your inheritance should pass in the event that your ex-partner does not inherit. As a result, your estate would be distributed in accordance with the Rules of Intestacy and jeopardise any inheritance you have planned to leave those who would not inherit under the Rules. 

Birth of your Children 

It is strongly recommended that you consider putting in place Wills, or indeed updating them, following the birth of your children. Through your Wills, you will be able to nominate individuals who can be the guardians of your children in the event that both parents pass away during the children’s minorities. Additionally, if you have named your children in your Will and proceed to have more children, it may result in the children not named in your Will missing out on your inheritance. When reviewing your Will, you should consider if you wish to put in place any asset protections measures to maximise the potential inheritance you could leave to your children.  

Buying a Property 

Buying a property is a major event in most people’s lives, and is potentially out biggest asset. It is crucial to have a Will in place that suits your wishes to ensure that your property is dealt with appropriately. As property can be the largest purchase we make in our lifetimes, dictating who this asset is to be passed to is not an easy decision to make. If you are the sole owner of the house and do not have a Will, you property will pass pursuant to the Rules of Intestacy which may not align with who you would like to leave your property too. Alternatively, if you own your property, you may need to look into whether you would like your half of the property to automatically pass to the surviving owner, or if you would like your half share to pass pursuant to your Will. 

Change in Financial Position 

During your lifetime, our finances can change vastly. You could find yourself out of work, winning the lottery or losing a loved one and receiving an inheritance yourself. It is recommended that any change in finance should prompt you to consider your Wills, to ensure that they are prepared in the most suitable way for your circumstances. You should consider any financial changes and the impact they may have on inheritance tax, how suitable the gifts already in your Will may be, the overall size of your estate and any protections you ought to put in place.