Changes That Could Affect Your Will: Keeping It Up to Date

Ensuring Your Will Reflects Your Wishes and Family Circumstances

Life is constantly evolving, and so should your Will. Any significant life change—such as marriage, divorce, having children, or acquiring substantial assets—may necessitate an update to ensure your Will accurately reflects your wishes and secures your loved ones' future.

Marriage or Civil Partnership

A marriage or registered civil partnership automatically revokes an existing Will unless it has been drafted 'in expectation' of marriage. With blended families becoming more common, it is essential to seek legal advice to ensure that all children from previous and current relationships are provided for as you intend.

Divorce or Separation

Divorce does not automatically nullify a Will, but provisions for a former spouse or civil partner typically become invalid. To avoid any unintended consequences, reviewing and updating your Will after separation or divorce is highly recommended.

Having Children or Grandchildren

As families grow and change, it is important to consider how your estate will be distributed. If you have children or grandchildren, updating your Will ensures they are adequately provided for and that any inheritance is managed appropriately if their parents predecease them.

Buying or Selling Major Assets

Acquiring or selling a substantial asset—such as a house or valuable inheritance—affects your estate’s value. These changes may impact inheritance tax considerations, probate requirements, and trust arrangements. If you purchase property abroad, it is especially important to review your Will, as different jurisdictions may have varying estate laws.

Reflecting Your Wishes

Regularly reviewing your Will, preferably every few years, ensures it aligns with your evolving financial and family circumstances. Without periodic updates, your estate may not be distributed as you intended, potentially leading to disputes or legal complications.

Seek Professional Advice

Having your Will professionally reviewed is a proactive step in securing your family's future. If you need guidance on updating your Will to reflect life changes, I am here to help.

Contact me today to ensure your Will remains accurate and effective.

ARTICLES DO NOT CONSTITUTE TAX, LEGAL, OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.

THE FINANCIAL CONDUCT AUTHORITY DOESN’T REGULATE WILLS, TRUST PLANNING AND MOST FORMS OF INHERITANCE TAX (IHT) PLANNING. SOME IHT PLANNING SOLUTIONS PUT YOUR MONEY AT RISK, AND YOU MAY GET BACK LESS THAN YOU INVESTED. IHT THRESHOLDS DEPEND ON INDIVIDUAL CIRCUMSTANCES AND THE LAW. TAX AND IHT RULES MAY CHANGE IN THE FUTURE.