Does a Will last a lifetime?

Reviewing your Will at key times in your life is crucial.

As life moves forward, your Will may need to be updated to ensure it represents your wishes and intentions. Life has an inevitable conclusion. We can’t know our expiry date. It’s sensible to plan for now and review your plans if your circumstances change.

Our top tip: If your circumstances are still the same a year after you make your Will, put a note in your diary to review it again in 12 months. 

7 Key Life Events

The key times to review your Will are:

1. Getting married or becoming civil partners

Firstly, congratulations!

When you marry, unless you have included a specific contemplation of marriage clause, any Will you made before your wedding will be revoked (legal speak for cancelled). This means that until you make a new Will, the intestacy rules will apply. If you have children, your new spouse or civil partner will inherit the first £270,000 of your personal wealth and half the remainder. This might not be what you intend, especially if you have children from a previous relationship.

2. New baby in the family 

If you have a new baby in the family, it’s a good time to review your plans. Do you want them to receive something, or will you leave your estate to their parent? Who should take care of their gift if you were to die whilst they are still young?

If you have grandchildren, or someone in your family or a close friend has a new baby, you may want to leave them a legacy. A legacy is a gift of money, but it could also be a specific gift of a personal item - something sentimental to remember you.

Appointing guardians to look after your young children is sensible. Thinking about not being around for your children can be emotional. Check out our blog about appointing guardians for helpful guidance. You can also decide at what age any child should inherit. Many people think that 18 is too young. An estate planner will talk you through your options for delaying your child’s inheritance to 21 or even 25. There can be costs and tax considerations, so professional advice is crucial.

3. Changing your Executors

As time passes, you may change your mind about who you would like to appoint as your Executors. When your children become adults, you may wish to choose them instead of your brother, sister or friend.

If the Executors you chose are no longer willing or able to act, it’s time to review and update your Will. You may have appointed someone who has moved to a different country or a friend with whom you’ve lost touch. Making a change simply ensures that people you trust will deal with personal wealth and possessions as you would wish. If you don’t have a family member or friend who can take on the role, you may wish to appoint a professional executor instead. Ask your Will writing consultant for guidance.

4. Meeting a new partner or buying a new home

When you meet the love of your life, or you purchase a property with a new partner, you should review your Will. You may want them to have a home for life. You don’t have to make an outright gift - you could allow them to live in your share of a shared home for a set number of years but pass it on to others at a future point in time. If your partner depends on you, it is sensible to consider how they would manage financially without you. It’s often a good idea to review your Will when you review of your finances and life assurance policies with a specialist adviser.

5. Divorcing

Unlike marriage, divorce does not cancel your Will. The law treats your former spouse in the same way as if they had died before you. If they are your executor, this appointment is cancelled, plus they would lose any gift made to them in your existing Will.

You can make a new Will in anticipation of your divorce; you do not have to wait for the decree absolute.

6. Inheriting wealth

If you receive a large inheritance or win the lottery and your personal wealth is greater than the lifetime allowance of £325,000, you should also review your Will and your financial plans.

7. Starting or selling a business

Business owners need specialist estate planning advice. Your estate might miss out on valuable tax relief (business or agricultural property relief) without a sensible plan in place. The way your business is structured - partnership/limited company/sole trader - will have an impact on your planning. Seek advice. A good estate planning consultant will liaise with your accountant to make sure you have the best protection.

If you would like advice about updating your Will or making a new Will, please get in touch. Click the button for our contact form:

Please note that information provided on the Carisma Wills website:

• Does not provide a complete or authoritative statement of the law;

• Does not constitute legal advice by Carisma Wills;

• Does not form part of any other advice, whether paid or free.