When life gets in the way, the Will you once had prepared can soon become forgotten about. However, it’s exactly when these big life events occur, that you need to reflect and amend your Will to suit your new life circumstances.
The arrival of a new child or grandchild can be an important factor to consider if you have already created a Will. Even with other children specified in the Will, new additions to the family are not automatically added on. If it’s your children who are listed in the Will, it’s extremely important to specify who you wish their legal guardian to be in the event of your death. Without this, problems can occur amongst family and your children may not be in the care of whom you wished.
During a divorce, it is very easy to forget about amending your Will. It is likely that both parties will now want to remove the other as a beneficiary of the Will. Getting a divorce in England and Wales does actually prevent your former spouse from receiving any of your assets however it is still important to go over the Will and, if needed, create a new one.
If after a divorce you remarry, you and your new spouse will have to plan the Will with consideration to children from previous marriages. It is worth considering a prenuptial agreement if you wish to keep assets separate. Or, consider talking to an estate-planning lawyer who can set up a Qualified Terminable Property Trust (QTIP) in your Will. This will ensure the income from the trust property goes to your spouse but in the event that he or she died, the assets go to your other beneficiaries.
Moving to a new house
Your Will certainly needs reviewing in the event of a house move. The most important information needed in the Will is how the property is owned in terms of shares and the overall value of the estate. For any second property you purchase, you may want to leave it to different beneficiaries so ensure it is registered in the Will.
If somebody who was listed as a beneficiary in your Will passes away, you will need to amend your Will. The name of the person should be removed, and you should clearly state who is now going to receive this inheritance. The same applies if an executor of your Will passes away; you will now have to specify a different executor.
Reviewing your Will regularly will help ensure that all your wishes are reflected in the way you would want them to be. If you have had any big life events occur and may now need to revisit your Will or, you aren’t certain you have the right information on your Will, get in touch today.