By Stanton & Partners, Wills and Probate Solicitors

Creating a will is one of the most important steps you can take to ensure your assets are distributed according to your wishes. But did you know that it’s just as important to update your will as your life circumstances change? Many people assume their will remains valid forever, but major life events can alter the best-laid plans. Failing to update your will can lead to confusion, disputes, or unintended consequences for your loved ones.

In this article, we explain why it’s essential to update your will and when you should consider making changes.

When Should You Update Your Will?

Here are some of the most common life events that should prompt you to review and update your will:

1. Divorce or Separation
If you divorce or separate from your partner, it’s crucial to revisit your will. While a divorce will not automatically revoke your will, it will change the status of any bequests you made to your ex-spouse, which may lead to unintended consequences. You’ll need to ensure that your will reflects your new circumstances and intentions.

2. The Birth or Adoption of Children
If you have a child or adopt one, it’s vital to update your will to ensure they are included as beneficiaries. You may want to set up trusts for their benefit or appoint guardians to care for them should the worst happen. Without these provisions, the court may have to step in to decide guardianship and financial arrangements.

3. Acquiring New Assets or Property
Whenever you acquire significant new assets, whether a property, business, or investments, it’s time to review your will. You’ll want to ensure these assets are correctly accounted for and passed on to the right beneficiaries.

4. Changes in Beneficiaries’ Circumstances
If the circumstances of your beneficiaries change, such as a marriage, divorce, or financial issues, it may impact the way you wish to distribute your estate. You may wish to review who gets what and whether there are any changes to your bequests.

5. Death of a Beneficiary or Executor
The death of a person named in your will, either as a beneficiary or as an executor, should trigger a review. Without making changes, the distribution of your estate could be delayed or complicated. Updating your will ensures your estate is settled smoothly.

6. Health Changes or Concerns
If you’re diagnosed with a serious illness, or if your health is rapidly declining, it’s important to update your will to reflect any changes in your wishes. This may include appointing a power of attorney or making end-of-life arrangements.

Why You Shouldn’t Delay Updating Your Will

The longer you wait to update your will after a life change, the more complicated and costly the probate process may become. Failing to account for major changes could result in:

• Unintended beneficiaries: If your will doesn’t reflect your current wishes, the wrong person may inherit assets or property.
• Disputes among family members: Not keeping your will updated can lead to disagreements and legal disputes among family members, especially when large or valuable assets are involved.
• Legal complications: If your will is outdated or doesn’t comply with the legal requirements, it could be contested, leading to delays in settling your estate.

How Stanton & Partners Can Help

At Stanton & Partners, we understand that life changes, and so should your will. Our experienced solicitors can guide you through the process of updating your will and ensure it’s legally sound. We’ll make sure your wishes are clearly stated, your loved ones are properly provided for, and your estate is settled without complications.

Our services include:

• Will reviews and updates: We help ensure your will is always up-to-date and legally valid.
• Inheritance planning: We provide expert advice on tax-efficient estate planning and how to distribute your estate in the best way.
• Trusts and guardianship: We assist with setting up trusts for minor children or vulnerable beneficiaries, and appointing guardians if necessary.
• End-of-life planning: We can help you make advanced arrangements, such as setting up a lasting power of attorney or advance healthcare directives.

Take Control of Your Legacy Today

Don’t wait for a major life event to force you to update your will. Take control of your legacy and ensure your loved ones are cared for according to your wishes. If you’ve experienced any of the life changes mentioned above, or if it’s simply been a while since you last reviewed your will, contact Stanton & Partners today for a comprehensive will review.