When is the right time to write or update your Will?

According to research by Canada Life, over half of the adult population in the UK doesn’t have a Will. And the majority of Wills that are in place are out-of-date and in need of review or updating.

The UK Government recommends that you should review your Will every five years and after any major change in personal circumstances.

In many ways, having an outdated Will is worse than not having a Will at all. Whilst there’s rarely an ideal time to update your Will, the likelihood is that changing circumstances will mean there’s a natural point at which it’s appropriate for you to start your planning.

So, when should you write or update your Will? In this blog, we look at some of the significant life events that may trigger the need for you to write or review your Will.

When to write or update your Will

You’ve moved in with your partner

Owning a home together doesn’t negate the need for a Will. If anything, it makes it even more important that you protect your financial interests, as well as your partner’s. It’s a common misconception that your share of the property will automatically pass to your partner in the event of your death. You may not want your share of the property to pass to your partner.

If you die without a valid Will in place (intestate), the law does not recognise cohabitation in the same way it recognises marriage or civil partnership.

Rather than pass to your partner, your share of the property may be distributed to your relatives. Making a Will is the only way to ensure that your assets are passed on as you would’ve intended.

You’ve started your own business

If you own a business or are thinking about setting one up, whether you’re operating as a Sole Trader, in a partnership or are a shareholder in a Limited Liability Company, it’s extremely important to make sure your business is in the right hands if you were to pass away.

Considerations to add to your Will regarding your business may include who the business will be left to, the day-to-day running of the business, financial liabilities and the business being sold.

You’ve separated or divorced

Any significant changes to your personal circumstances should be reflected in your Will. This can include:

• Getting married, remarried or registering a civil partnership (this can revoke an existing Will);
• Getting divorced or dissolving a civil partnership can affect the appointment of Executors and Beneficiaries of a Will; and
• Separating.

As well as adding Beneficiaries to your estate, you may also want to remove people if they’ve predeceased you or your relationship with them has ended or deteriorated.

Blog | Including pets in your Will

You’ve had children or grandchildren

Every parent needs a Will, which is why having children is often the major driving force behind couples making their first Will or updating an existing one.

Making a Will is the single most important thing you can do to ensure that your child is cared for by the people you would choose should anything happen to you.

In your Will, you can appoint a Guardian (or Guardians) to be responsible for the care of your child and a trustee(s) to manage financial assets left to them until they reach 18 or become entitled. With the right level of support, trust funds are straightforward to manage and administer. They can also be used to limit future exposure to Inheritance Tax.

Blog | Should I leave my house to my children in my Will?

Changes in your assets

If the value of your assets has changed, now is the time to review your Will and ensure that it accurately reflects your final wishes.

If you’re lucky enough to find that your estate has significantly increased; maybe in terms of your property value or you’ve been left a sum of money from an inheritance, this may be the appropriate time to look at ways in which you can mitigate or avoid future liabilities of tax through trusts and careful estate planning.

Changes in medical circumstances

A change in your medical circumstances can happen at any given time but this is considered a major prompt for individuals to get their Will in place in case the unthinkable happens. This will ensure loved ones, and your assets are taken care of the way you wish.

An Executor named in the Will dies before you

If you only appoint one Executor in your Will and they die before you, it is important to update this to include a new Executor, otherwise, this may cause complications down the line for relatives if you were to also pass away without amending your Will.

Regular Will reviews

Your Will is probably the most important legal document you’ll ever own. Without one, you won’t be able to control how your estate is to be distributed and it’s very likely that this won’t be as you would have intended. This is why reviewing your Will regularly is highly recommended.

A Will is a living document and will change as you and your circumstances do.

Contact us about writing or updating your Will

If your circumstances have changed and you need to write or amend your Will, our team of dedicated Will writing solicitors are here to help. Call us on 0117 325 2929 or fill out our online enquiry form.