Your Will is your insurance that your wishes regarding asset distribution and guardianship are upheld after you die. That being said, changes occurring in your life can often necessitate a reflection on how your wishes may change, at which point you may wish to make revisions to your Will. Throughout this article, we will explore ten such significant changes that highlight the importance of revisiting your Will when major life events occur.
- Marriage
Marriage is one time in which you may look to update your Will. It is crucial to note that a marriage revokes any Will in place that has not been made in contemplation of that marriage, meaning a Will should be made to avoid dying intestate. Furthermore, you may wish for your spouse to become a key Beneficiary, establish joint ownership of assets, or name them as an Executor or Trustee. In any of these cases, the revision of your Will can make sure that your spouse is appropriately provided for upon your passing.
- Divorce
Conversely, divorce is a situation in which you may wish to redistribute your assets. Although your Will is not revoked, the portion of your Estate which you may have left to your ex-spouse should be reallocated to solidify your wishes. If this is done, any claim they make against your Estate in the future will likely be weaker. Furthermore, if they were the sole Beneficiary of your Will, and no revisions are made, you will die intestate, which is not likely to align with your wishes.
- Birth/Adoption of a Child
One of the happiest moments in your life also heralds a vast number of new responsibilities. One such responsibility is consideration of the guardianship of your child should the worst befall you. Without this provision, the decision is made by the Court, and therefore may not align with your wishes. Hence, it is safer to clarify your preferred guardian in your Will to ensure the best for your child. You may also wish to leave your child certain assets of specific gifts, at which point a revision of your Will is the solution.
- Change in Guardianship Preferences
Once you establish your preferences for guardianship, it is very possible that you’re satisfied with your decision for the rest of your life. When this is not the case, however, revisions are essential for your child. This may be because of shifting relationships, or an unfortunate passing, however regardless of the reason, new guardians should be assigned in order for your preferred guardian and your children are sufficiently prepared and happy with the outcome.
- Reconciliation/Estrangement
You may be prompted to revise your Will as a result of shifting familial relationships. Should you reconcile with a relative, or come into dispute with a formerly designated beneficiary, and wish to include or remove them respectively from inheriting your assets, you must make amends to your Will accordingly.
- Changes in Your Financial Situation
Significant changes in your financial situation, such as inheritances, windfalls, or financial setbacks, warrant a reassessment of your Estate plan. Updating your Will to reflect your current assets and liabilities ensures that your wealth is distributed according to your wishes and optimizes tax efficiency for your beneficiaries.
- Death of a Beneficiary
The death of a beneficiary named in your will necessitates revising your estate plan to designate alternate beneficiaries or redistribute assets accordingly. Failing to update your will in such circumstances can lead to unintended consequences and disputes during the probate process.
- Health Issues
When faced with declining health, or a serious diagnosis, it can be essential to revise your Will. This may be in response to an expected loss of capacity (whereby you are unable to consent to amends to your Will) or to a terminal condition. Therefore, it serves as a potentially final opportunity to assess your wishes and ensure that they are reflected in your Will.
- Relocation to Another Country
Moving to a different country introduces legal complexities that may require revisions to your will. Updating your Will to comply with the legal requirements and tax laws of your new jurisdiction ensures that your Estate plan remains valid and effective.
- Significant Changes in Wealth
Major fluctuations in your financial circumstances, such as substantial increases or decreases in wealth, necessitate revisiting your Will. Updating your will to reflect changes in assets, liabilities, and distribution preferences ensures that your Estate plan remains aligned with your current financial situation and intentions.
Any of the listed transformative life events warrant a review of your Will, however they are not comprehensive, and there will always be other reasons to assess your wishes. That is why we would always recommend regularly reviewing your Will, regardless of whether or not a particularly major event has occurred. You can never be sure of the future, meaning it is crucial to always be satisfied with your Will.
If you have any questions about Wills, or would like to amend yours, we offer free 30 minute consultations and we can assess your individual matters. Don’t hesitate to contact us here.
