How often should you update your Will?
A guide to when you need to be updating your Will.
Buying a Property
Buying a property or increasing your assets is usually a good time to review your Will and make sure it still reflects your wishes given the acquiring of new assets.
If you’re an unmarried couple holding the property as tenants in common, remember you would need to include your partner in your Will otherwise they will not be entitled to your share of the property or of anything from your estate, which can cause a number of problems especially if children are involved.
Marriage invalidates any previous Wills you may have had in place so it’s a good time to review your circumstances and put a new Will in place.
If you are separated but still married, the law will treat you as legally married and with no Will (or updated Will) in place your spouse will still inherit under the rules set out for inheritance regardless of the separation.
Unlike marriage, divorce does not automatically invalidate a Will, therefore you will need to review the content of your Will (such as removing your ex-spouse). Your ex-spouse will be treated in the reading of the Will as if they had died before you and therefore not benefit or act in anyway stipulated. It is best however to update your Will in case a claim is made against your estate.
New Children or Grandchildren
In your Will you can of course leave assets to your children and should anything happen to you before they reach the age of 18 or at the age your specify these assets would automatically be held in trust, but just as important is you can appoint guardians for your children should the worse happen.
Having new grandchildren is usually a good time to review your Will and maybe include something for them.