Life is full of changes – some joyful, some challenging, but all significant. Whether you’re navigating a divorce, celebrating a marriage or remarriage, or welcoming new additions to your family, these milestones don’t just change your day-to-day life. They can also have a big impact on your future plans, including your Will. Keeping your Will up to date is crucial to ensure your wishes are respected and your loved ones are protected.
Here’s why a Will is important, how life changes can affect it and what you need to know about updating or creating one.
Why do you need a Will?
A Will is a legal document that outlines how your assets should be distributed after your death. Without one, the law decides who inherits your home, money and belongings, which may not be what you would have chosen. A Will allows you to:
- Ensure your loved ones are provided for, including children, dependents or a partner.
- Appoint guardians for minor children.
- Specify who will manage your estate.
- Leave special gifts or donations to charities or loved ones.
How do life changes impact your Will?
Major life events can significantly affect your wishes and the people you want to benefit after your death. Here’s how some common changes might impact your will:
1, Divorce
Divorce can have a dramatic impact on your estate plans. If your ex-partner is named as a beneficiary, executor or guardian in your Will, you’ll likely want to update these aspects. In many cases, divorce automatically cancels these roles in your Will, but this can vary. It’s essential to update your will or create a new one to reflect your current wishes and ensure there’s no confusion.
2, Remarriage
Getting remarried brings new people into your life in a permanent way, such as a spouse, stepchildren or extended family. Without updating your Will, your new family members might not receive anything in the event of your death, and your assets could be distributed in a way that doesn’t reflect your current relationships. If you have children from a previous marriage, it’s particularly important to update your Will to ensure their inheritance is protected.
3, New additions to the family
Welcoming a new child or grandchild is a wonderful reason to revisit your Will. You’ll want to ensure they are included in your plans for the future, whether that means leaving them a specific gift, setting up a trust or naming a guardian for children that are minors.
4, Significant financial changes
Whether you’ve purchased a new property, started a business or received an inheritance, changes in your financial situation should also prompt a review of your Will. This ensures all your assets are accounted for and distributed according to your wishes.
How can you update a Will?
You should review your Will after any of the major life changes discussed above, or every three to five years otherwise. Once a Will has been created, signed and witnessed it can be amended at any time either by making a new Will or a codicil which is an additional document that modifies a Will or a part of one
In the event of a major update, it’s often easier and more appropriate to create a new Will with the updated information and your current preferences.
How much does it cost to create a Will?
The cost to create a Will can vary, depending on how complex your estate is and whether you use a solicitor or an online service. Here’s a general breakdown:
- DIY or online Wills: These services often cost between £20 and £100. They can sometimes be a satisfactory option for very simple, straightforward situations but may not cover complex needs.
- Solicitor-drafted will services: A Will created through a solicitor typically costs between £150 and £500, depending on the complexity of your estate and your circumstances. While more expensive, this option involves legal expertise, more flexibility according to your specific situation and, most importantly of all, peace of mind.
Speak to the experts at Batt Broadbent today to create or update your Will.