Do you need to update your Will?

Do you need to update your Will?

You already have a Will? That’s great news. But when did you do it?

Many people already have a Will* which is brilliant news, but when did they last think about it. We are big believers in getting the right documents in place at the right time so you can, and rightly so, forget about them and live your life. This is a great philosophy until that Will your wrote 10 years ago no longer applies to your current circumstances, then it’s not so good.

A lot happens in 10 years. A LOT.

In the last 10 years my friends have got married, bought a house, had children (subsequently making their parents grandparents!), lost loved ones and even got divorced. You see, a lot really does happen in 10 years and that’s without talking about 2020.

Why does any of this matter? Simply some of these things change your Will and some of them change your wishes.

  1. You got married. We truly hope you had an amazing day and enjoyed every second of it, but if you had a Will before it is now void. That’s right that Will no longer works.**
  2. You had children. In a sleep deprived state you may not have considered that they need providing for within your Will. Firstly who is going to look after them. God parents have no right to take your children in. You need to legally nominate a guardian or the local authority will do it for you. You may also want to financially provide for them.
  3. Your children made you grandparents. Now you may want to leave a gift to your grandchildren.
  4. You separated from your spouse. In this situation they are still entitled to your estate. Great if you want that, not so great if you don’t.
  5. You got divorced. If you reach the stage of decree absolute then your Will is read as if they have died. They can’t help and they can’t inherit. This may work for you but it may not. Either way we can write a new Will to ensure it does what you want it to.
  6. You lost someone. It is a sad but inevitable part of life we all have to deal with at some stage. If that person is named in your Will it may well be time for an update. Especially if they are the only remaining executor or your main beneficiary.
  7. Life changes. Your feelings, thoughts, emotions and situation change and that can lead to simply wanting something different. Unless it is formally set out in a new Will it isn’t happening.

We offer friendly and straightforward advice so you know your wishes are met and you can go back to living your life.

Have questions? At Olive Tree Law, we have answers. 

Just ask to speak with Chris or Robynne. 

01777 712733

*(when we say many still only approximately 50% of the adult population but we’re not here to talk about that)

** you can plan for both marriage and divorce with the correct drafting of your Will.