When life changes, should your Will? Key moments to review your estate planning Many people think of writing a Will as a one-time event, but life’s constant changes mean our estate planning needs regular review and updating. Understanding when to update your Will is crucial for ensuring your wishes are properly carried out and your loved ones are protected. Major life events that signal it’s time to review your Will 1. Changing family dynamics Marriage, divorce or separation can significantly impact the validity and effectiveness of your Will. Marriage typically revokes any existing Will unless it was specifically made in contemplation of that marriage. Similarly, divorce can affect provisions made for former partners and their families. New additions to the family, whether through birth, adoption or marriage, may prompt a desire to include new beneficiaries or adjust existing provisions. 2. Property and asset changes Significant changes to your financial situation warrant a review of your Will. This might include purchasing or selling property, receiving an inheritance or acquiring valuable assets. Without updates, newly acquired assets might not be distributed according to your wishes, or your Will might reference property you no longer own, creating confusion and potential disputes amongst family members. 3. Changes in business interests For business owners, changes in business structure, ownership or value can have profound implications for estate planning. Professional guidance becomes particularly important when considering control of a business, tax implications and protecting business interests while providing for family members. 4. Moving countries or acquiring foreign assets International elements in your estate require careful consideration. Whether you’ve moved abroad, purchased foreign property or acquired overseas investments, these changes may affect how your estate is handled, distributed and taxed. Different jurisdictions have varying rules around forced heirship, tax and estate administration, making professional and specialised advice essential. 5. Evolving relationships and responsibilities Beyond major life events, changing relationships and circumstances often necessitate updates to your Will. Perhaps your chosen executors are no longer able to fulfil their role or your relationships with beneficiaries have changed. Regular reviews ensure your Will continues to reflect your current wishes and circumstances. You should also consider if you have new dependents that you ought to consider providing for in your Will, for example grandchildren, otherwise this may lead to future disputes. Making well-considered changes to your Will When updating your Will, it is important to consider not just the immediate changes needed, but also their broader implications. Professional legal guidance can help identify potential issues such as: Tax implications of new arrangements Impact on other beneficiaries Alternative provisions that might be needed Future scenarios that should be considered This is often why, when clients wish to change their Wills after some time has passed, what seems to be a simple change of executor or beneficiary, is in fact a much broader exercise, to ensure that their personal circumstances are considered and protected. The cost of not updating your Will Failing to update your Will when circumstances change can lead to unintended consequences. Your estate might not be distributed as you would wish, unnecessary tax might be paid or your loved ones might face complicated legal proceedings. Regular reviews and updates to your Will, with appropriate professional guidance, will help ensure your Will continues to protect both your wishes and your beneficiaries’ interests. How can Morr & Co help? Estate planning is an ongoing process that evolves with your life circumstances. While major life events often trigger the need for updates, regular reviews of your Will ensure it remains current and effective. By seeking professional legal advice, you can be confident that your final wishes will be honoured and your loved ones properly provided for. As members of the Society of Trust and Estate Practitioners (STEP), our Will writing solicitors can guide you through updating your Will to ensure it truly reflects your wishes and safeguards your legacy. If you have any questions about your Will or would like to discuss updating your Will, please do not hesitate to contact our Private Client team by emailing info@morrlaw.com or calling us on 01737 854 500 Disclaimer Although correct at the time of publication, the contents of this newsletter/blog are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position. Authored by Ola Szymaniec Solicitor Message Tags Insights On this page Contact our team today to find out more Contact us
