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For most people once they have signed their Will or LPA it is a big thing off their mental “To Do” list and they feel relieved. So, it’s easy to then forget that you should review them regularly (at least every 5 Years) or as circumstances change. Lots of people do not realise that there are events in themselves that make your existing Will invalid or for a consequence. So here are some life events that may warrant a revision of your documents:-
Marriage/Civil Partnership
Unless you specifically write your Will and it states that it is in the contemplation of an imminent marriage or civil partnership then following it your current Will will be void. Therefore it is very important, even if the contents will not be affected, that you re-sign your Will and get appropriate advice following such an event
Bankruptcy
If an Attorney under an LPA for property and finances is declared bankrupt they would no longer be able to act for you and you should consider an alternative
Divorce
If you were to get divorced then it doesnot make your will void. Instead; the law treats your ex-spouse as if they had died when you divorced. This can have a serious effect on your estate if you have not made alternative provisions within your Will and therefore it is very important to receive expert advice.
Births/Adoption
Making sure you have made provision within your Will for your children’s guardianship and inheritance is the primary concern for the majority of parents. So, whenever you have a child you need a Will review to ensure they are included and protected
Death
If anyone named in your Will dies it can have an effect on your estate and therefore it is best to talk about the implications with a professional and if necessary have a new Will written. Equally, if any of your Attorneys in your LPA die you must also review the document and consider whether it is still valid and does what you intend it to do.
Inheritance
If you were to inherit personally then depending on the sum it is advisable you review your own Will and how the increase of your personal assets may be impacted and the inheritance tax implications, if any.
Co-habitation
If someone moves in with you or you purchase a house together but you are not married then you need to carefully consider what would happen in the event of either of your deaths
Adopting a pet
You should consider what would happen to your pet(s) in the event of your death and whether you should leave any provision for them within your Will.
We are always happy to answer any questions that you might have regarding your Will or LPA – you can find out more about our services and fees here
