Writing a Will When Your Circumstances Change

Writing a will is incredibly important but around 30 million UK adults still haven’t got round to writing one.



Making a will is one of those things people don’t want to think about, but it can cause a lot of problems if you pass away with no valid will in place.



Even if you have a will, there are a number of circumstances when you should review your wishes to make sure they are up-to-date in the event of your death.



Divorce



If you’re getting a divorce from your spouse you should review your will right away. For example, you may have written in your will that your ex-husband or wife is entitled to everything when you die.



Finalising a divorce means that your spouse will be treated as though they have died in the eyes of the law therefore making your existing will outdated. It is important to amend your existing will to reflect this.



Having children



Whether you’ve got an existing will or no will at all, it’s important to have an up-to-date and legally binding one in place if you have children.



You should think about how you want your assets distributed between your spouse/partner and children not only in the event of your death but also that of your spouse/partner.



If you buy a valuable asset



At the time of writing the UK threshold for inheritance tax is £325,000 for individuals and £650,000 for married couples or civil partners.



If you purchase a valuable asset that pushes the value of your estate over this threshold or your existing assets such as property rise significantly in value, reviewing your will is essential.



Falling out with a family member



Making a will and forgetting about it is something many of us do. Personal relationships can change over time and reviewing your will regularly will help you discover any amendments you want to make.



For example, you may have a family heirloom of sentimental value you were going to leave to your younger sister when you pass away. If you’ve become estranged in the time since you wrote your will, you may want to change this so it’s left to another family member instead.



Getting married



Writing a will as a single person is a good step to take, but if you later get married any will you have written beforehand will become invalid. You should update your will to include your new spouse and any other beneficiaries you wish to benefit from your estate.



Writing a will isn’t expensive and can give you and your family members peace of mind. If you know who you want to leave your possessions to, make a will as soon as possible, because nobody knows what’s around the corner.





The Co-operative Legal Services provide advice and a trusted & professional service for people thinking about making a will. Contact them today if you need advice on Writing a will.