When should your Will be updated?
As a general rule a person should check their will every year. A Will must be kept constantly under review and updated whenever a change in circumstances impacts on it.
Here is our list of some circumstances which may lead you to review or change your will:
- Marriage or remarriage – Whether marrying for the first time, or having already been married, tying the knot revokes any previous Will which you have made. You can make a new Will with your soon to be spouse in contemplation of that marriage, but you have to specifically name your future husband or wife. Alternatively, you can make a new Will after the marriage has taken place.
- Divorce – Once you receive the Decree Absolute from divorce proceedings your former spouse named in your existing Will as your Executor and/or Beneficiary shall be deemed to have predeceased you. Therefore any appointment or gift to them is void from the date of the Decree Absolute. If this is the case, you must think about who would act as your Executor in replacement or who would benefit from the gift you originally left to them
- Children – You should consider making a Will (or updating an existing one) when you become a parent, so that you can appoint a Guardian in the event of your death. This can only be done in a Will and it is therefore extremely important.
- If someone named in your will dies before you – In such circumstances it is important that you understand what shall happen to the gift left to the deceased beneficiary, and to decide what should happen in light of the death. You must consider who the lapsed gift should go to and it is extremely important that you name the new beneficiaries in the will to ensure it goes to the people you wish.
- If the executor is no longer suitable or dies. – It is important that those who you have named as your Executor/s are able and willing to administer your estate at the time of your death. They must also be able to control any trust created by your will. Catastrophic results can arise if there is nobody suitable at the helm of your estate when you die. Therefore it is vital you review who you have left to administer your estate. You can name a legal professional to act as your executors and this usually consists of two partners of the firm.
Here at Willsons we understand that preparing for your future can be quite daunting. Whether you already have a will or thinking about creating one, we strongly advise that you have your will drafted by a legal professional in order to ensure all your needs and legal requirements are met.
Willsons can assist in any change in your will and can talk you through all the options available to you and guarantee that your matter will be a quick and stress free process, with detailed advice explained to you every step of the way.
If you would like to discuss changing your will or thinking about creating one please contact Bob Willson or Chelsea Shore of our Private Client department on 02476387821.
You can also contact us by clicking here.