Writing a Will is something that all adults should do, and as lawyers we are constantly driving home the importance of doing it at an early age. But whilst more young people are now taking this on board, there is still a danger that once they have done it they will file it away and forget about the need for updating it.
So why and when do you need to update your Will?
The most obvious reason is marriage, as any existing Will made prior to marriage will be automatically cancelled – unless it includes specific reference to your intended marriage ‘in contemplation of marriage’. On the other hand, if you divorce your Will is not automatically invalidated, but it does affect the terms of your Will in so much as for inheritance purposes the law treats your former spouse as if they have died before you. It is therefore wise to update your Will during the divorce process to ensure your assets do not pass to your former spouse in the meantime.
Having children is another reason to update your Will. And this is not just your own children but also stepchildren and grandchildren, to ensure they are not excluded because they were born after your Will was made. It is worth noting that only biological grandchildren and adopted children automatically inherit, so be sure to name any stepchildren in particular whom you wish to inherit from your estate.
As a Will must have a current address on it, if you move house you should update your Will. If you enter into a new relationship and want to financially protect your new partner, update your Will. And, if you yourself have inherited a large sum from, for example, your parents’ estates, you should consider reviewing your Will and taking account of any consequential inheritance issues that may arise so that you can plan to mitigate their impact.
Finally, be mindful that a Will is a formal legal document that must meet certain legal requirements. Drafting it therefore requires careful understanding and wording to ensure that your wishes are accurately reflected and not left open to interpretation and dispute. Using a solicitor to draft it is your safest option.
