In the UK only a third of the adult population have written a Will. Of those who have written a will 13% have not updated it in the past 10 years meaning that a large number of existing Wills could be overlooked on the death of the writer.
There are certain key stages you will go through in adult life that could affect the validity of your Will. Making sure your Will is up to date is very important if you want to make sure your wishes are carried out when you die.
We have looked at some of the key life stages that should prompt you to review your Will.
Buying a House
For many people their biggest asset is their home. Once you have bought a house it is worth thinking about who you would want to receive a share of the property when you die. Whilst a house held by a single owner would normally be inherited by their spouse, unmarried partners have no automatic rights to the property. If however, the property is owned by two people in a joint tenancy, the whole property will go to the surviving owner whether they are married or not. If the property is held as a tenancy in common, each partner can elect who will receive their share if they die but this will pass under their Will or by intestacy.
Getting Married, Separated, Divorced or Cohabitting with a partner
Your legal status changes when you get married and may invalidate your Will. The same can be said for divorce, remarriage and separation. It is therefore a good time to take a fresh look at your Will as it is likely your priorities will have changed.
Having Children
When you have children you will want to make sure you can provide for them financially. This is something you should consider when writing your Will so as to make sure your children will be provided for if something happens to you. You should also think about who would care for your children if something happened to one or both parents. It is worth taking into account that unmarried fathers do not have automatic parental responsibility unless their name is on the Birth Certificate or they have prepared a formal registered agreement with the mother or a court order is made. It is a good idea to consider who would be the most appropriate guardian should both parents pass away. This should be under continual review as it may change as the children and guardians grow older.
Family Changes
Families aren’t always straight forward and marriage can mean children from previous relationships are added into the picture. It is important to decide whether you want to favour your biological children in your Will or treat all children equally. You may also want to think about other family members such as elderly or vulnerable relatives.
Partner or Family Member Passing Away
Just as with marriage if a beneficiary of your will dies you should review your Will to check who inherits all or part of your estate and whether this reflects your wishes.
If Your Financial Situation Changes
If you were to inherit money or your financial situation changed significantly, it would be a good idea to amend your Will. It is important you make sure your Will reflects your current circumstances.
You No Longer Want a Family Member to Receive an Inheritance
Unfortunately sometimes relationships change or break down meaning you may no longer want to include someone as a beneficiary. It is essential that you change your Will accordingly in order for your wishes to be binding.
Rosalind Watchorn Solicitors are at 10 Kenwood Park Road Sheffield. We specialise in wills, probate and issues for elderly clients as well as property matters. We don’t charge for our first meeting so come and talk to us about your circumstances without any commitment. We can come and see you if you find it difficult to get out. Telephone 0114 229 0160 to make an appointment with one of our Solicitors.
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