Update Your
Will: When to Change
It and Why
A will is not a one-and-done document. For one thing, life itself changes sometimes abruptly but often gradually and your will must keep pace with these changes. An out-of-date will can make everyone’s life harder, throwing up disputes or simply failing to include the people you’d want without you knowing it. That’s why many families turn to Direct Wills Trusts Update Your Will services to ensure their wishes remain accurate, legally sound, and fully aligned with their current circumstances.
It doesn’t have to be complicated, but timing is everything when considering an update. So here’s a concise, human and pragmatic guide to just when you should return to your will-making duties and why it matters.
Change in personal relationships One of the top reasons for updating your will Essex is that changes in personal relationships. Marriage automatically revokes an existing will in England and Wales (unless it was made “in contemplation of marriage”). That is, your old will automatically becomes null and void the instant you utter “I do.”
Divorce, instead, does not revoke your will but rather treats your ex-spouse as if he or she had died before you. This is the process that ends up with gaps you never wanted to have. If you have married, separated from your partner, remarried, divorced or begun cohabiting in a long-term relationship it is important to review your will to ensure the right people are protected.
The birth of a baby whether you’re the parent, adopting or marrying into becoming a step-parent is an important occasion to review your will. You may want to:
Name them as beneficiaries
Include guardians to care for them if something happens to you
Establishing trusts to secure their financial future
Protect kids from previous relationships as well
Omitting children by mistake is a very common error in wills that were made long ago.
Another key time to update your will is when property changes hands. Whether you’ve purchased your first home, gone on to invest in rental property or sold assets, these changes directly impact the value and structure of your estate. By revisiting your will you can make sure everything is properly accounted for and avoid confusion in the future.
If you’ve inherited property yourself, and especially if the value has changed significantly, you may also want to reconsider how you divide your estate.
Any major changes in your wealth should always provoke a will review. This includes:
Starting or selling a business
Receiving a large inheritance
Building savings or investments
Paying off debts
Alterations to pensions or life-insurance policies
A will you drew up years ago may not be in tune with your current financial reality.
If an executor, guardian or beneficiary dies, your will may not work the way you intend Essex. This is especially important when:
The guardian you assigned to your children and grandchildren can’t take care of your kids
Executor is old or inappropriate
A beneficiary dies, and you want to reallocate their share
“Updating the will, it simply just makes sure that things don’t get left in any confusion or cause further pain and havoc to your family,” she said.
In blended families, unhealthy relationships, second marriage or a situation with a vulnerable dependant for example and will remake is important. With the changing dynamics of relationships, you might like to include the following protections:
Life interest trusts
Protection of the inheritances of children from prior marriages
Specific gifts to prevent disputes
These changes guarantee that your wishes are carried out and safeguard loved ones equally.
Even if you haven’t made any significant changes, experts recommend reviewing your will at least every three to five years. Laws can change, family relationships may shift and your financial situation might be different from what you realize. A little review can prevent big problems down the line.
An out-of-date will can do real damage sparking family disputes, unintentional disinheritance, protracted probate or assets winding up in the hands of individuals whom you no longer wish to favor. Updating your will preserves your wishes and guarantees that the people you love will be taken care of just the way you wanted.
Q: How frequently should I update my will?
You should review your will every three to five years, even if nothing significant has changed. Life, relationships and assets change gradually as we age so a regular review enables you to be confident that your will is always up t date with your wants.
Q: Is it necessary to revise my will after I get married?
Yes. In England and Wales, if a will made in the belief that the testator was unmarried is then discovered to be married, the marriage automatically revokes any will made by that testator prior to their union (and divorce would revive any previous will). If you don’t update it, there’s a chance that you might inadvertently die without an effective will.
Q: Is it a good idea to update my will when I have a new child?
Absolutely. If you have children, whether they’re your “own,” adopted ones or step-children, you want to provide for them in a will and ensure they’re well cared for. A lack of updates could result in children going unvaccinated or being inadvertently left out.
Q: What happens if someone who is listed in my will has died?
If one of your beneficiaries, executors or guardians passes away, then suddenly your will won’t necessarily do what you meant for it to do. By updating your will, you ensure that someone else is appointed and that your estate is distributed as it should be.
Q: If I purchase or sell a property, do I have to revise my will?
Yes. Changing who owns your land affects how much it’s worth and the shape of your estate. Avoid potential complications by updating your will, if the property is bequeathed to specific beneficiaries or held with someone else.
Q: Must I redo my will after I divorce or separate?
Yes. Divorce does not nullify a will, but it is as if your former spouse died before you. Those are gaps in your distribution strategy. If you adjust your will, stuff goes where you want it to.
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