Death of a Family Member
This can of course be a highly emotional event and there will be a lot of arrangements to make relating to the death. However, it is also a very important juncture to review your own estate planning and circumstances. The effects for your own Will may be two-fold; you may have specifically named that family member in your Will either as an Executor or as a Beneficiary, which is something you may now wish to amend. Secondly, you may have received an inheritance from the Estate of that family member, meaning your own financial circumstances have changed and estate planning could now be advisable for you.
Marriage/Civil Partnership
If you were to get married or enter into a Civil Partnership without including the necessary clauses, then this could have the effect of invalidating any existing Will.
If you already have the intention to get married or enter into a Civil Partnership then a Will can be prepared in anticipation, meaning it would not have to be updated afterwards to be legally effective.
It is also sensible to review at this juncture to ensure your new spouse or Civil Partner and any new family members (such as stepchildren) are included in your Will.
Separation/Divorce
This area can be a real issue when people are separated but remain legally married or in a Civil Partnership.
If your separated spouse or civil partner is still noted in your Will as your Executor or a Beneficiary, then those wishes will still be carried out despite the fact that you are separated.
It is particularly important to update your Will following a separation.
Following a divorce, once the degree absolute has been issued, the former spouse or civil partner would be effectively removed from being referred to in the Will, and so if there are not any substitute provisions included then there could be a gap in how the Estate is administered.
If the Will is not updated, it could also mean that a new partner or family is not accounted for and this may be something you want to update.
New Family Member
Having a child is certainly a key event in life and in particular when it comes to making adequate arrangements in your Will, you will want to ensure that your Will is drafted in the most appropriate way.
If you were to die without a valid Will this is called an ‘Intestacy’ and your Estate would be distributed in accordance with a set list of beneficiaries. One relationship which is not included in that list is stepchildren. If you want to ensure any stepchildren are properly accounted for in your estate planning, then you should review your Will arrangements.
Another key area to consider is who would you want to care for your children if you were no longer around. Without any express wish in your Will, the Court would make the decision as to who would be appointed as the guardian(s) of your children which may not be who you would have personally chosen.
This also applies to grandparents who may now wish to leave grandchildren money or property from their estates.
Buying a Property
Purchasing a property is a significant investment for anyone whether this is a first property or moving up the ladder. The purchase of a property will alter your net worth and it is certainly advisable to review Will provisions. If you own your property with someone else, then the Land Registry records would need to be checked as how you own the property will affect how the asset is dealt with on death.
Get in Touch
For more information on creating or updating a Will, please contact Sophie Shakeshaft by emailing sophie.shakeshaft@mfgsolicitors.com or calling us on 0121 2367388.
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