Wills - Find out about Wills and what they do for you.

Once you’ve made a Will, the temptation is to file it somewhere safe (having let your loved ones know where, of course) and to just forget about it. Circumstances change though - and so should your Will. 

Here are 7 potential changes in circumstances that we advise you remain mindful of. If any happen to you, or to someone who stands to inherit from your estate, you need to revisit your Will to ensure it still protects your wishes….

1. Getting married (or remarried)

2. Having children, stepchildren, grandchildren or step-grandchildren

3. Getting divorced

4. Buying a home

5. Inheriting from someone else’s estate

6. Setting up a business

7. Changes in inheritance tax law

1. If you die without a Will, the courts will decide who inherits your home using the Intestacy Rules. This means your husband or wife (but not your common law partner) will get the first £400k plus interest in the remainder for life, with it passing to your children on death.

2. Guardianship of children whose births were registered before December 2003, whose father was not married to their mother, yet is named on the Birth Certificate, will not automatically be given to the father.

3. If you die without a Will, the responsibility for your children will not automatically pass to your family members.

4. If you die without a Will, the court will appoint someone to deal with your estate. This can delay your relatives receiving their inheritance. It may mean it will not be allocated fairly, or how you wish. It may cause further distress to your loved ones at a time when they are already overpowered by their grief.

5. Atfter a Divorce, Without a Will, should your former husband or wife become unable to care for your children after your death, the courts will have no idea who you would have wanted to become their legal Guardians.

6. If you own a property and die without a Will, it will move through the intestacy table and could end up with someone who you do not wish to benefit.

7. If you have a mortgage on a property and die without a Will, the court may force your family from their home in order to pay off any debts and Inheritance Tax.

If you're getting divorced, or are divorced, you need to review your estate plan.

At the very least, you will need a new Will.

What are the risks of not re-writing my Will if I am getting divorced?

Whilst you are in the process of getting divorced, your husband or wife may still receive everything under the rules of intestacy, if you don't have a Will

If you are still Joint Tenants on your property deeds, regardless of what you write in your Will, the property will pass directly to your former husband or wife

If you are Tenants in Common, your property will pass to the named beneficiaries on your Will

Without a Will, should your former husband or wife become unable to care for your children after your death, the courts will have no idea who you would have wanted to become their legal Guardians

Do I need anything else other than a new Will if I am getting divorced?

If you have an estate plan, it is a good idea to review it. If you do not, it is a good time to research how planning your estate might benefit yourself and your loved ones.