3 Reasons To Update Your Will

Almost half of adults in the UK have not written a will so if you haven't made a Will yet, you're not alone. Research from the National Wills Register shows that around 60% of UK adults have no Will.

This article explains why it is important for everyone to have a Will and to keep it updated.

Why do you need a Will?

Putting a Will in place is one of the most important steps you can take to ensure your wishes are respected and knowing your loved ones and family are provided for financially after your death. A Will could help you to avoid issues such as probate, prevent family disputes, provide clarity and ensure that your assets go where you want to leave them.

That applies to Power of Attorney as well, so that if you were to become ill or unable to make decisions for yourself, someone else you trust can make them for you.

Without a Will, there are set rules in place as to who may receive your estate. If you already have a will, make sure it is up to date and matches your current circumstances and preferences. Regularly reviewing your Will every two to five years and ensuring that it is updated after any big changes is a good idea.

To see such a large percentage of the population not have these safeguards in place is quite alarming given how family dynamics and demographics have changed over the generations. We encourage people to get in touch, even just for advice and guidance so we can point you in the right direction.

When should you update your Will?

Updating your Will is especially important if you own a business, have children or own property. It is also important to make a Will or to review any existing one when going through a divorce or separation, marriage or changing family circumstances, when buying or selling property, or where anyone named in an existing Will has passed away.

Marriage and Civil Partnership

Any Wills created prior to you getting married will become invalid once you marry, so you'll need to renew it soon after to avoid dying without a Will. Since the Civil Partnership Act was passed in December 2004, members of civil partnerships have been treated the same as married couples. Any previous Wills made by either partner are automatically cancelled when a civil partnership is registered.

Divorce

If you make a Will whilst married and subsequently get divorced, your divorce can change the terms of your Will. Your Will remains valid after your divorce, but your ex-spouse will no longer be included unless you specifically declare otherwise. Any reference to your ex-spouses family will remain included unless you update your Will.

Purchasing a property and moving in with your partner 

It is advisable that you review or update your will when purchasing a property and moving in with your partner. This is especially significant if you are not married or in a civil partnership as a surviving cohabitant is not automatically entitled to the deceased cohabitant's estate.

If you have any questions about Wills, please get in touch with our expert team.