7 Life Events That Should Make You Think About Your Will

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A Will is easy to put off. It can feel like something to deal with later in life. In reality, a Will becomes important whenever your life, family or finances change. Your Will sets out what should happen to your money, property and possessions after your death. It can also name guardians for children and appoint executors to manage your estate.

If you die without a valid Will, the law decides who inherits your estate. Those rules may not reflect what you would have wanted. GOV.UK recommends reviewing your Will every five years and after major changes in your life.

Here are seven life events that should prompt you to take another look.

1. Getting married or entering a civil partnership

Getting married is a good reason to review your financial affairs. It is also particularly important for your Will.

In England and Wales, marriage will usually revoke a Will you made beforehand. There are limited exceptions, including certain Wills made in contemplation of a particular marriage. Without a new valid Will, your estate may instead be distributed under the intestacy rules.

If you are planning a wedding, it is therefore worth discussing your Will at the same time. It may not be the most romantic item on the wedding checklist. However, it can be one of the most important.

2. Moving in with your partner

Buying your first sofa together might feel more urgent than making a Will. Legally, however, your relationship status matters.

There is no such thing as a legal “common-law marriage” in England and Wales. Living together for many years does not give an unmarried partner the same inheritance rights as a spouse or civil partner. In particular, an unmarried partner does not automatically inherit under the intestacy rules simply because you live together. Citizens Advice therefore recommends making a Will if you want an unmarried partner to inherit.

This can be especially important when you own a home or other significant assets. If you have recently moved in together, it is a sensible time to consider what would happen if either of you died.

3. Having or adopting a child

Having a child changes many things. Your Will should probably be one of them.

A Will allows you to state who you would like to look after children under 18 in relevant circumstances. You can also consider how and when your children should inherit.

This becomes particularly important for blended families, stepchildren or children from previous relationships. A new child does not necessarily mean starting your estate planning from scratch. It does mean checking that your existing arrangements still reflect your family.

4. Buying or selling a home

For many people, their home is their largest asset. Buying a property can therefore change the value and structure of your estate considerably. You may want to consider who should ultimately receive your interest in the property. You should also understand how the property is legally owned.

This can be particularly important if you buy with an unmarried partner or someone other than your spouse. GOV.UK specifically identifies shared property with someone who is not your spouse or civil partner as a situation where professional Will advice may be appropriate.

Selling a property also deserves attention. Your existing Will may refer to a property or arrangements that no longer fit your circumstances. Moving house is one of the major life changes GOV.UK identifies as a reason to review your Will.

5. Separating or getting divorced

When a relationship ends, your Will may not be the first document that comes to mind. It should still be on your list.

Separation itself does not necessarily have the same legal effect on your Will as a final divorce. After divorce, provisions involving a former spouse are generally treated as though that former spouse died when the marriage ended. The exact effect depends on the wording and circumstances. This can produce a very different result from the one you originally intended.

GOV.UK therefore recommends reviewing your Will after separation or divorce. It is worth getting advice rather than assuming that divorce has automatically dealt with everything.

6. Your financial circumstances change significantly

Perhaps your business has grown. You have received an inheritance. You have sold a company or built up significant savings. A major financial change is a good opportunity to revisit your Will.

Your old Will may still be legally valid, but that does not necessarily mean it remains suitable. You may now have different priorities for your family, property or business interests.

There may also be Inheritance Tax considerations. A properly considered Will can form part of wider estate planning and help avoid unnecessary tax.

Business owners should take particular care. GOV.UK lists owning a business as one situation where professional advice about your Will may be appropriate.

7. Someone named in your Will dies or your relationships change

A Will reflects your life at the time you make it. Life rarely stays exactly the same.

An executor may die or become unable to take on the role. A beneficiary may die before you. Relationships can also change. Someone you were once close to may no longer be part of your life. Equally, there may now be someone important who is not mentioned in your existing Will.

We recommend reviewing a Will when an executor or beneficiary dies, or when your relationship with a beneficiary changes. It is worth asking yourself a simple question: If my Will took effect tomorrow, would I still be happy with what it says?

If the answer is no, or even “I’m not sure”, it may be time for a review.

Your Will should change when your life does

Making a Will is not necessarily a once-in-a-lifetime job. Your family changes. You move home. Relationships begin and end. Your finances develop.

Your Will should keep up.

You do not always need a completely new Will for a small change. Some changes can be made using a legal document called a codicil. Major changes will often justify making a new Will instead.

Whatever your circumstances, changes need to be made correctly. Simply writing on an existing signed Will is not the right way to amend it.

At Jermyn Taylor, we can help you review your existing Will or put a new Will in place. We aim to make the process straightforward, clear and personal, without unnecessary legal jargon.

Life changes. Make sure your Will changes with it. Speak to Jermyn Taylor about making or reviewing your Will today.

This article provides general information for England and Wales and is not a substitute for legal advice tailored to your circumstances.