5 Signs It’s Time to Update Your Will
Writing your will is not something that you should do once, never to look at again, it’s something that needs to be updated to reflect your current situation.
Writing your will is not something that you should do once, never to look at again, it’s something that needs to be updated to reflect your current situation.
Protecting your loved ones, and your wishes, requires forward planning. One of the most reliable ways to do so is to make sure you update your will. Writing your will is not something that you should do once, never to look at again, it’s something that needs to be updated to reflect your current situation.
Over the course of your lifetime, you’ll find that you need to update your will on multiple occasions, and this is down to the inevitable life changes that you’ll experience over the years.
In this article, we’ll be exploring the importance of updating your will, and when the right time would be to do so. If you’re uncertain about what a will is, visit the UK Government’s website before reading further.
One of the main reasons that you might update your will is a result of a significant change to your financial situation, or how you wish for your finances to be distributed. There are a number of potential monetary changes that would influence your decision to rewrite your will, including:
If your financial situation has seen significant changes, this can be a call to update your will. Attaining (or selling) new assets, such as a new property may significantly affect your financial situation, and it is important that your will reflects this.
If relevant to you, any significant investments, business growth, or alterations to the structure of your business would be something that your will should accurately state. Putting the business, or investment, in the name of a beneficiary in your will would ensure it is passed onto them after you’re gone.
If you’ve found that your financial situation has altered, whether this is due to a change in salary, significant impermanent purchases (i.e. holidays), redundancy, or any other factors causing change, this may be a cause for updating your will.
Regardless of the reason that your financial situation has changed, we’d recommend seeking professional advice to help convey your current situation in your will accurately. For expert legal support, contact us here.
Perhaps you’re looking to make a change to your will to incorporate, or amend, any charitable giving. Sometimes, significant life events can lead to a desire to contribute to a charity with meaning to you, which can be named as a beneficiary in your will.
Have you reached a major milestone in your life recently? And does your will reflect this change? There are many significant moments that you’ll experience in your lifetime, and they may be a sign that it’s time to update your will. Some of the personal life events that would influence your will are as follows:
Marriage - In the UK, getting married automatically revokes your existing will, unless it was crafted specifically to be in contemplation of marriage.
Divorce - This will not revoke your will, but will alter the way that your ex-partner is treated. We would recommend drafting a new will if you find yourself in this position.
Co-Habitation- there is no such thing as a ‘common law’ marriage. Simply living with someone does not grant them immediate rights to your assets. Creating a will ensures your partner is left what you wish.
Major Health Changes
Moving Abroad - May need a separate will for assets held in a separate country.
Family Alterations - Mentioned in more detail below.
If you’ve found that your situation reflects the aforementioned, we’re here to help, contact our expert team here.
The same way that you will go through your own personal changes, so will your family. In a vast majority of cases, the beneficiaries named in your will are loved ones that you wish for your assets to be distributed to. Therefore, any major changes to your family may impact your will, perhaps making some of your requests null and void, stressing the importance of reviewing and updating your will.
There are many possible reasons that family matters may impact your decision to update your will, whether that be your own request, or matters affecting your will that are out of your control. Below are some of the circumstances where you should consider changing your will:
Birth of New Children / Grandchildren
Adoption
Blended families- where you gain step-children
A Beneficiary Reaches Legal Age
The Death of a Beneficiary or Executor
Changes in Guardianship - Chosen guardians of your child are no longer suitable to fulfil the role.
Executor is Unable to Carry Out Their Role
Beneficiary’s Circumstances Have Changed
Personal Relationship with Beneficiary Changes
It’s never too early to start planning for the future. If you’re in possession of financial, and physical assets, or you simply have any requests you’d like to be granted after you’ve passed, it’s important to have an updated will at any stage of adulthood.
A will is one way of planning your inheritance. Minimising the amount of inheritance tax you pay can be tricky, but with the correct expertise on your side, you can reduce the amount of tax you’re liable for.
An excellent way to navigate inheritance tax is to establish a trust within your will. A trust will ensure the protection of the assets that your loved ones will inherit, held by a trustee to safeguard these assets on behalf of the beneficiary. When you put your assets into a trust, you no longer own them, taking them out of your estate, likely avoiding paying inheritance tax on them.
As of the 6th April 2027, the government has announced that there will be an inclusion of pension pots into an individual’s estate, meaning you will pay 40% inheritance tax on any of your assets (including pension) on all of your estate over the £325,000 threshold. If you’re looking to learn more about these changes, click here.
Contact Andrew Steel and our experienced team here if you’re looking to start planning your inheritance.
Life comes at you fast and at times some of the signs we’ve mentioned can pass you without you even realising. A simple question that you can ask yourself is “when was the last time I updated my will?”. If your answer is over five years, you should take the time to review your will, and update it if you find that there are changes that you need to make.
We’d recommend that you change your will every 5 years (unless a major life event has occurred beforehand), and we can support you through the process. When you choose our Freers Askew Bunting for your will writing, you’re gaining a trusted partner to help you ensure your best wishes are clearly stated.
Regardless of the reason you’re looking to update your will, our expert team, led by Andrew Steel, brings a wealth of experience to the matter. No matter how complex your situation may be, Andrew and the team can provide you with professional insight to ensure you get the best out of your will, ensuring transparency, efficiency, and accuracy.
Andrew is also a member of the Association of Lifetime Lawyers, an organisation dedicated to providing people with exceptional legal advice. You can read more about choosing a lifetime lawyer here.
Begin your will-writing journey and contact us today.
📧 Email: Enquiries@freersaskewbunting.com
📞 Call: 01642 244666
