Writing a Will is an important step in planning for the future. But creating your Will is not necessarily a case of “job done”.
Your circumstances can change significantly throughout your lifetime, and when they do, your existing Will may no longer reflect your wishes or your family’s needs.
Certain life events should prompt you to review your Will and consider whether it still achieves what you want it to.
Here are five important moments when it may be time to take another look.
1. You get married or enter into a civil partnership
Marriage can have a significant impact on your Will.
Under the law in England and Wales, getting married can revoke an existing Will in many circumstances, unless the Will was specifically made in contemplation of that marriage.
That means if you have an existing Will and subsequently marry, you should not assume that it will continue to operate as intended.
Your new circumstances may also mean you want to reconsider:
- Who should inherit your estate
- Who you would like to appoint as your executors
- What should happen to your property
- Whether you want to leave specific gifts
- How you want your wider family to benefit
If you are planning to marry, it is worth considering your estate planning before the wedding rather than leaving it until afterwards.
2. You separate or divorce
A relationship breakdown is another important reason to review your Will.
Divorce can affect how your Will operates, but it does not necessarily mean that you should simply leave your existing Will in place and assume everything will be dealt with automatically.
You may no longer want your former spouse or civil partner to benefit from your estate. You may also need to reconsider your choice of executor, trustees or other people named in your Will.
If you have children, separation can make estate planning even more important. You may wish to consider who should inherit, who should manage assets for children, and who you would trust to take on important responsibilities if something happened to you.
A divorce or separation is therefore a good opportunity to review your entire estate plan—not just the names of your beneficiaries.
3. You have children or grandchildren
Having a child can completely change your priorities.
You may want to make sure that your children are provided for if you die, particularly if they are young.
Your Will can be used to set out important wishes, including who you would like to look after your children if they are under 18 and both parents have died.
You may also want to consider how and when children should receive an inheritance. Leaving assets directly to a young person may not always produce the outcome you had in mind, so appropriate trust arrangements may be worth discussing as part of your planning.
The arrival of grandchildren can also prompt a review. You may decide that you want to leave something to them, change existing gifts or make provision for future generations.
4. You buy a property or your financial circumstances change
Buying a home is often one of the biggest financial decisions people make.
If you purchase a property, particularly if it is your first home, it is sensible to consider whether your Will still reflects your overall financial position and your wishes for the property.
The way a property is owned can also be important. For example, married couples and civil partners may own property jointly, but the legal consequences can differ depending on whether property is held as joint tenants or tenants in common.
You may also acquire other significant assets over time, such as investments, a business or additional property.
As A substantial change in your finances is therefore a good reason to revisit your Will and consider whether your estate plan remains appropriate.
5. Someone close to you dies
Bereavement is another life event that can trigger the need to review your Will.
You may have named someone who has subsequently died as a beneficiary, executor or trustee. If so, your Will may no longer work in the way you originally intended.
For example, perhaps your Will leaves an inheritance to a family member who has since died. Or perhaps the person you appointed to administer your estate is no longer able or willing to take on that responsibility.
The death of someone close to you can also change your own priorities. You may want to make different arrangements for your children, grandchildren or other family members.
It is worth reviewing your Will after a significant bereavement rather than assuming that your existing arrangements still make sense.
Don’t wait for a major life event
These five events are particularly obvious reasons to review your Will, but they are not the only ones.
You should also consider reviewing your Will if:
- You move home or acquire additional property
- You start or sell a business
- Your financial circumstances change substantially
- You have another child or grandchild
- You want to change your beneficiaries
- An executor or trustee named in your Will can no longer act
- Your family circumstances change
- Your wishes about your estate change
- There have been significant changes in your circumstances or relevant legislation
There is no universal rule that says exactly how often everyone should review their Will. The important thing is to make sure that your Will continues to reflect your current circumstances and wishes.
Your Will should reflect your life—not the life you had when you wrote it
A Will is a snapshot of your wishes at a particular point in time. Life, however, rarely stays the same.
Marriage, divorce, children, property purchases and bereavements can all change what matters to you and how you want your estate to be dealt with.
Taking the time to review your Will when circumstances change can help you identify whether your existing arrangements still achieve what you want.
If you are unsure whether your Will remains appropriate, professional advice can help you understand your options and identify any areas that may need attention.
At ProTrust Consulting, we help individuals and families plan for the future with clarity and confidence. Our estate planning services include Wills, Trusts and Lasting Powers of Attorney, with professional guidance tailored to your circumstances.
If your circumstances have recently changed, it may be a good time to review your estate planning arrangements.
If you have any questions or would like advice tailored to your circumstances, please don’t hesitate to get in touch. We’re always happy to help.
Cathy Walker Croft
Administrator (Estate Planning Department)
cathy@protrustconsulting.co.uk
