Over half of all adults in the UK do not have a Will in place and, for those who do, the Wills are not always up to date.
If you are over the age of 18, then you should consider making a Will, particularly if you have children, own a property, or if any of the circumstances below apply to you. If you already have a Will in place then you should ensure to review your Will every three to five years, or sooner, if circumstances change.
It is a good idea to review your Will (or make a Will, if you do not already have one in place) in the following circumstances:
• Cohabitees
If you live with another person but you are not married, your estate will not automatically pass to that person after your death if you do not have a Will in place.
• Marriage
Marriage will revoke any existing Will that you have in place (unless that Will was made in contemplation of the marriage), so you may need to create a new Will if you have recently married.
• Divorce
Divorce does not usually revoke a Will, but instead any gifts left to your ex-spouse would be treated as if your ex-spouse had died before you. This can affect who will go on to inherit in their place, so you should review the Will to ensure your wishes are up to date.
• Protecting Children From A Previous Relationship
If you are part of a blended family, you may wish to protect part of your estate for your children that are from a previous relationship. If you have remarried and do not have a Will in place, your estate will likely pass to your spouse and no provision will be made for your children from the earlier marriage. Instead, on the death of your spouse, their estate (including anything that they have inherited from you) could pass entirely to their own children and therefore your children from a previous relationship could miss out. There are certain provisions that you can include in your Will to protect your children against this risk.
• Protecting Assets From Care Fees
Many people are concerned about the risk of their property being sold to pay for care fees later in life. There is a special type of Will that offers protection against this for co-owners of a property.
• New Family Members
As your family grows, you should review your Will to ensure that your estate will pass in accordance with your wishes. You may want to include the new family members i.e. new grandchildren.
• Sale of Assets
If you have made a gift of a specific item or property within your Will and you later sell that item or property then the gift will fail. You may therefore wish to update your Will to make alternative provision.
• Foreign Assets
Wills made in the UK will usually only cover assets that are held in the UK. Therefore, if you acquire foreign assets, you may wish to create another Will in the country that you hold those assets. You should ensure that the foreign Will does not revoke the UK Will.
• Change In Assets
Your estate could increase or decrease in value which may affect the provisions in your Will. This is particularly important if your estate decreases in value and your Will leaves legacies (a set sum of money) to individuals, as there might not be enough money to pay these and then have enough left over for the other beneficiaries named.
• Leaving Money To Charity
You may wish to leave some money to charity, but this will not automatically happen unless you make a Will that makes provision for the charity.
• Family Fall Outs
Unfortunately, it is not uncommon for families to fall out. This may mean that you wish to remove beneficiaries from your current Will and additional steps may also need to be taken to avoid the ex-beneficiary from challenging your Will or making a claim against your estate after your death.
How Can Timms Help?
If you do require any changes in your Will, it is preferable to create a new Will than to prepare a codicil. A new Will reduces the risk of any confusion as it ensures that your wishes are contained in one single document. Often, the price of a new Will is the same as the price of a codicil.
If you wish to update your current Will or if you have any further queries then please do not hesitate to contact me on 01283 214 231 or via email at s.wildsmith@timms-law.com.
