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When do I need to update my Will?

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It’s important that your Will reflects your wishes and remains up to date when your personal circumstances change.

If you get married, any previous Will is automatically revoked (cancelled) by the marriage, even if it is not a first marriage for the parties.

Divorce

The remaining provisions of your Will would still take effect.  If your Will provides for who would inherit your estate in the event that your former spouse actually did die before you, then your estate will pass according to those provisions.  If your Will does not include these provisions, then your estate will pass according to the intestacy rules.

If you have children, you should consider updating your Will to appoint a Guardian.  You can appoint one or more people and this can give the person you appoint parental responsibility for your children if both you and your spouse die before your children reach the age of 18.

It is also worth reviewing your Will if it leaves your entire estate (or a significant proportion of it) to a beneficiary who dies during your lifetime. If the Will does not provide for who would inherit the share of your estate that they would have taken, the gift will not take effect and the share of the estate will pass according to the intestacy rules.

If you receive an inheritance or you accumulate wealth through your own means, your Will should be reviewed to ensure that it is tax-efficient and makes use of all relevant exemptions.

In the above situations, a note of the new address, funeral wishes or change of name can be placed with your Will.

 

 

 

<p justify;"="">If you would like advice on updating your Will or any other Private Client matter please contact me, Stephanie Parish on 0113 336 3355 or via email at stephanie.parish@clarionsolicitors.com.

Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.