Key events in life can have a significant impact on your Will which could result inn the Will not achieving your final wishes. This is why it is so important to review it regularly and ensure it is kept up to date.
The following key events can have an impact on your estate planning.
I am getting married next year, should I review my Will?
You will need to review your Will but it is important that you obtain professional advice to consider making the relevant changes. If you get married then this will revoke your Will unless it contains a clause to prevent this happening. If you fail to update your Will and you pass away then the law will consider you as someone who has died intestate because you no longer have a valid Will. This means that your estate will be distributed in accordance with the law and that means your assets could be distributed to the wrong people.
Since I created my Will, I have had children. Should I alter my Will?
Yes, you will need to consider nominating guardians to ensure someone is in place to take care of your children should you pass away before they reach adulthood. The guardians you choose will take over parental responsibility and that means that they need to be someone your children know, love and respect.
I have separated from my spouse and we are thinking about getting divorced. Will this affect my Will?
When you separate from your partner, it makes sense to review your Will as you are likely to want to make sure they do not benefit from your estate while you are still legally married. If you do not update your Will and pass away before a divorce is finalised then your spouse can still benefit.
Under what other circumstances should I review my Will?
There are many different circumstances that dictate that you should review your Will. If an executor or a beneficiary passes away, or can no longer act on your behalf, then they will need to be removed from your Will.
If you sell a property that you had promised to someone or it changes in nature then you will need to record this in your Will while any alteration in the value of your estate may also need to be addressed.
Finally, the laws around inheritance tax are changing frequently and so, you should check your Will regularly and speak with professionals to make any changes to reflect this. You might need to make gifts or take additional steps to make sure that your chosen beneficiaries are not hit with a tax bill that is larger than it should be.