When should I update my will?
After working hard to build your assets and finances over the years, it’s important that these are distributed exactly as you wish when the time comes. That’s why your will is a vital part of your financial plan.
This is a legally binding document, and inevitably your circumstances will change over time, so you must make sure it remains fit for purpose at any stage of your life.
Here are just a few examples of why you might need to change your will…
Getting married
Becoming legally married or entering a civil partnership doesn’t mean your partner will get everything you intend to leave them behind. To be on the safe side, your wishes should be stated in your will.
Getting divorced
On the flip side, you will also need to update and remove any references to ex partners accordingly, unless you would still like them to receive any of your assets when you pass away.
This is particularly important if you enter a new relationship but don’t get married, as your new partner won’t have any automatic rights to inherit your belongings.
This even applies if you live with your new partner and have children together, your ex will still have a legal claim to your estate if written into your will.
Estrangement from a loved one
It’s common to face conflicts within families, and if this is the case for you, you may choose not to have them as a beneficiary anymore. To avoid any further conflicts down the line they should be removed from your will.
Having a child
Giving birth is an important time to revise your will, to ensure the safeguarding of your newborns financial future.
A change in your financial circumstances
There’s plenty of factors that can impact your financial circumstances. Maybe you’ve received an inheritance, or gained a promotion with a major pay rise.
Whichever it may be, if this does happen it is best to take a look at your will as it could make a huge difference to your plans for beneficiaries.
For example, you may have purchased a bigger estate, or decided to donate your earnings to a cause close to your heart.
Buying a property
Properties are often the most valuable assets included in a will, so we would always recommend making a provision for your home so it can be passed on to whoever you choose.
It’s been a long time since you wrote your will
None of the above may apply to you, but that doesn’t mean you shouldn’t forget about your will once you have finalised it. It’s always wise to review it every so often, so you can be 100% sure it is accurate and as you would like it.
Factors out of your control may also impact your will, such as inheritance laws, or rules on how assets can be distributed.
A will is there to ensure all your wants can be carried out when you’re not here, and an out-of-date will can seriously complicate things, leading to legal conflicts and potentially costly disputes, which is far from ideal for your loved ones.
We would recommend avoiding delaying this process, even though it may not be the most pleasant to think about.
WE are always here to help, so if you’d like any advice on your will, speak to one of our team by getting in touch here.
