Why looking at your Will at Halloween is essential

Reviewing and updating your Will every so often is one of the most important things you can do to ensure your wishes are up-to-date.

Here at Taylor Bracewell we see Halloween as an excellent time to check your Will and here is why:

Wills could be viewed as a ‘trick-or-treat’. If a Will is up to date then this makes for a ‘treat’ as when you pass away it means the administration of your assets can progress as smoothly as possible and your wishes are met. However, if you don’t update your Will when something in your life changes then this could mean that your wishes are not met, and you may unwillingly disinherit someone, or there could be complex issues when administering your estate.

Here are 5 of the most common reasons a loved one may receive a “trick” upon a family member’s death:

1. Birth or Death – If you have a child since writing your Will then you may need to update your Will to ensure they are included as a beneficiary. If you already have a Will and it names your existing children, then unless you make a new Will your new child would not be a beneficiary on your death. In addition, you may need to appoint a guardian for your child to ensure they will be looked after if you do pass away. If someone you have appointed to be guardian died before you, then it is important that your Will is updated, otherwise, your wishes will not be known and the Court may end up appointing a guardian. 
2. Marriage or Divorce – If you get married after writing your Will then you may need to update your Will. This is because marriage automatically revokes a Will unless the Will has been made in contemplation of that marriage and specifically says so in the Will. If the Will is not rewritten then when you pass away your new spouse may inherit a lot more, or a lot less, than you actually wanted them to. If you are going through a divorce it is always a good idea to update your Will to ensure that should something happen to you before the divorce is finalised, then your ex will not inherit your estate
3. You move house – If you move house, then your Will may need to be updated to reflect any change of assets or any particular gifts of property.
4. Your financial situation changes – If your assets increase or decrease in value then you should consider reviewing your Will to see if it still reflects your wishes.
5. New Asset or a family heirloom – If you gain or receive a new asset or family heirloom which is considered to be valuable to your family, then you may wish to write this into your Will in the form of a gift. Otherwise, this asset may be sold when your estate is administered.

There are loads of different reasons why a Will should be reviewed and updated. If you are unsure whether you should consider reviewing your Will then contact our Wills, Probate & Trusts Team.

Our Wills Team is always happy to help and offer any further advice. They can be contacted by calling 01302 341414 or 0114 272 1884 or by filling out our online enquiry form.