When should you update your will? Find out today…
It can be easy to forget to update your will, but if your circumstances and wishes have changed your current will is likely to be out of date.
Ensuring that your will continues to represent your desires can help to protect your loved ones and ensure that they are taken care of in the event of an unexpected tragedy. Luckily, will writing solicitors can help you to prepare a will and advise you on how to update it.
In this article, we will discuss why having a current will is so important and how often it should be updated…
Why Updating Your Will is Important?
There are a number of reasons why keeping your will up to date is so crucial. For starters, if you have not updated your will after key changes in your life such as a marriage, the birth of a child, a divorce, etc your wishes may not be met when it comes to dividing your assets.
It’s common for assets and estates to be distributed when an individual dies. But should you not have a will or if the will is out of date, it can result in your wishes not being met regarding whom you want to inherit your money, possessions, property, business, and other assets.
Additionally, an out-of-date will may not contain information like the arrangements for any children you may have. This can lead to your children being taken care of by someone you did not choose, such as an estranged family member or an ex-spouse.
Likewise, an old will may include individuals that you are no longer close with such as, an ex-partner, spouse, or estranged family member. These individuals would then be entitled to a portion of your belongings in the event of your death.
On the opposite side of things, an unmarried partner may not be entitled to any of your assets unless they are included in your will. This can also be said for anyone else whom you would like to be a beneficiary.
When Should You Update Your Will?
It is recommended that you update your will roughly every five years. This is so you can ensure that any changes in your life have been considered within your will. On top of this, looking at your will again every five years can help you stay on top of any changes in the law that may have impacted you or your loved ones.
For example, if there are changes to inheritance tax laws you will need to re-examine your will to be certain that your wishes are still being met.
You should always update or at least have another look at your will if there are changes in your life, such as:
- The birth of a child – this can include both your children, grandchildren, and even the introduction of a stepchild whom you would like to include in your will.
- Marriage – getting married is one of the most common reasons why someone may update their will.
- Divorce – to ensure your ex-spouse is not still included in your will, or to make changes regarding child agreement, property, etc, that may have changed due to divorce.
- Death – if someone named in your will dies, then it’s necessary to update your will to ensure that whatever you were planning on leaving to them will be placed under someone else name.
- Change to your executor – an executor is responsible for distributing your estate in the event of your death. If your current executor is no longer capable of completing that task, your will needs to be adjusted to reflect this and a new executor should be named.
Updating Your Will
The process of updating a will can be distressing especially if it’s due to the death of a loved one or another difficult situation like a divorce. In many cases, a solicitor can help to alleviate the stress of this task, but it is important that any changes to your wishes are made promptly.
If you do not update your will to reflect what you want to happen in the event of your death, there is no guarantee that your final wishes will be met.
Please be advised that this article is for general informational purposes only and should not be used as a substitute for advice from a legal professional. Be sure to consult a family law solicitor if you need support during or after a divorce. We are not liable for risks or issues associated with using or acting upon the information on this site.
Great article explaining simply why and how often you should update your will