New baby, new house, new Will? When life changes mean legal changes
While most of us know the importance of having a valid Will in place, it is easy to forget to review it from time to time. Making a Will and keeping it up to date is the only way to ensure your chosen family members, loved ones, friends and charities will benefit exactly as you want them to. As we all know, life can be unpredictable, and our relationships and preferences can change over time. So, if your Will was written some years ago, it is worth reviewing it to ensure the content still accurately reflects your wishes.
How often do I need to review my Will?
As a rule of thumb, it is recommended to review your Will every 5 years, even if your circumstances have not changed. However, certain changes and life events may require you to review your Will earlier. For example, developments to the family, such as new children or grandchildren, changes in assets, divorce, or marriage. Marriage revokes a Will, so it’s especially important to review in this instance.
I made a Will 2 years ago, but I’ve recently had my first child. Do I need to review it?
Changes in the family are a very good reason to visit your Will and think about any potential changes you might want to make. It would also be worthwhile ensuring the reviewed Will covers any further children that you might have as this would prevent having to review your Will again should you have more children in the future. As a parent, with a child under the age of 18, it’s also recommended that you include a guardianship clause in your Will, so that in the event that both parents were to pass away whilst your children are still minors, you can appoint someone of your choice to care for them.
The circumstances of my executor have changed. Can I appoint a new one?
Without an appointment of an executor, it makes the administration of an estate slightly more difficult because there’s nobody there to carry out the role. If for any reason your existing executor names in your Will is no longer in a position to act on your behalf, or you just want to change who it is, this can be done by way of a codicil. Codicils are the most cost-effective option and best suited to small alterations and tweaks.
My partner and I are due to get married this year. Do we need to wait until we are married to review our Wills?
If you marry or enter into a civil partnership, your Will is automatically revoked. New Wills can be put into place before the wedding in contemplation of your marriage. Once married, it’s important to remember to review your Will regularly, especially if you have children.
Won’t it be expensive to review or change my Will?
It’s important to have a valid, up-to-date Will and fortunately making changes doesn’t have to be costly. Often, changes can generally be made quite easily with a phone call or via email. Minor amendments can be drawn up as a codicil, but for most alterations, it is preferable to make a new Will. Spending a relatively small sum now to maintain your Will could avoid future complications and additional expense to your estate.
My partner and I are in a second marriage and both have children from our first marriages. Can we successfully plan our Wills so that everybody is provided for?
In this day and age, we see a lot of blended families, so it’s ordinary for people to have previous marriages and children from those marriages and want to make provisions for everybody in appropriate proportions. A trust contained within your Will entitles your spouse to benefit from your assets during their life, such as your house, whilst ensuring those assets pass to your children after your spouse’s death or remarriage. It’s important to seek professional legal advice to ensure your Will is tailored to your specific circumstances.
My friend has recommended I draft a ‘letter of wishes’. Do I need one?
A Letter of Wishes is something that sits alongside your Will. It is not a legally binding document but provides important guidance to your executors, trustees and/or family dealing with your estate. For example, if you decide once you’ve written your Will that you’d like a family heirloom to be handed to somebody in particular, you can add this to your Letter of Wishes. It can be amended or updated by you whenever you wish, without the need to amend your Will.
If you’d like advice on reviewing your Will, please get in touch with one of our specialist lawyers using the contact details below.
Our Private Client Team experts, Katrina Drake and Angela Ireland are here to help.
For more information on our range of legal services, please call the team on 01473 611211 or email [email protected]
