Life’s milestones: when should you update your Will?

Life’s big moments come in all shapes and sizes - from your wedding day to the birth of a child, to ill health or the loss of a loved one. Whether anticipated or unexpected, joyful or difficult, life’s milestones can have a significant impact and should be reflected in how you plan for the future.

While it’s natural to be swept up in these moments, it’s important to consider how they can impact upon your Will or any future planning.  As life changes (and we all know it will), your Will should adapt alongside it.

Below, we explore some of the key life events that may prompt the creation, or review of your Will:

Cohabiting with a partner

Moving in with a partner is an exciting step in any relationship. But if you live together without marrying or entering into a civil partnership, your partner won’t automatically inherit anything under the Intestacy Rules if you die without a valid Will.

The Intestacy Rules determine who inherits when someone dies without a valid Will, and they do not recognise unmarried partners.

If you want your partner to be provided for, you must set this out clearly in your Will.

Marriage

Getting married is a happy milestone, but it has a direct impact on your Will. Unless your existing Will is written “in contemplation of marriage” to your named spouse, it is automatically revoked by marriage. Newlyweds should always review their Wills to see whether they need to be updated.

The birth of children or grandchildren

Welcoming a new child into the family is a huge moment of celebration, but it’s also a key time to review your Will.

• Guardianship: Your Will can appoint guardians for your children in case of the death of both parents, ensuring they’re cared for by someone you trust.
• Future children or grandchildren: If you’ve listed individuals by name in your Will, new additions to the family won’t automatically be included. Using wording such as “all of my grandchildren” helps cover future arrivals.

Divorce

The breakdown of a marriage is challenging both emotionally and practically, and while your legal considerations are rightly taken up with the divorce proceedings, it’s advised to consider your Will during this time as well.

Divorce does not automatically cancel a Will. Instead, once the divorce is finalised, your ex-spouse is treated as though they died on that date.

Until then, if you are separated but not divorced, your spouse may still inherit under your Will, or under the Intestacy Rules if you don’t have one. For this reason, it’s wise to update your Will when you decide to separate, not just once your divorce is finalised.

If you own a property as joint tenants, you may also wish to sever the joint tenancy and create a tenancy in common, so your share passes under your Will rather than automatically to your estranged spouse.

Creating a blended family

Blended families can bring both joy and complexity. Where you or your partner have children from previous relationships, careful planning is essential, whether you’re married or not.

Under the Intestacy Rules, stepchildren are not recognised for inheritance if you die without a Will. Including them in your Will is the only way to ensure they are provided for.

In addition, trusts can also be used to balance competing needs. For example, allowing your spouse to live in the family home for life, while safeguarding assets for your own children.

Ill health, disability or addiction

If one of your beneficiaries is unwell, living with a disability, or you feel that a large inheritance may be harmful or difficult for them to manage, a trust can provide a more suitable solution. This allows them to receive a regular income, while safeguarding the inheritance for their long-term benefit.

Family disputes or estrangements

When family relationships break down, it may be time to review your Will to check that your chosen executors and beneficiaries are still appropriate.

It’s also important to note that some estranged relatives may still be able to make a claim against your estate. With the right legal advice, you can structure your Will to minimise the risk of disputes and protect your chosen beneficiaries.

Death of a beneficiary or executor

If someone named in your Will - as a beneficiary and/or as an executor - has died, it’s important to review your Will to ensure it still functions as you intended.

Receiving an inheritance

If you have received an inheritance from someone else’s estate, it may significantly change your financial position.  You may need fresh inheritance tax advice, and you may wish to revisit how your estate is distributed, given the change in the size of your own estate.

Keeping your Will up to date

Life is full of change, and with each change comes the opportunity to reflect on your wishes. A regular review, especially after milestones like those outlined above, gives you peace of mind that your loved ones are provided for and that your intentions will be respected.

Even when life feels settled, it’s sensible to review your Will every few years. Circumstances can shift gradually - relationships evolve, children grow up, finances change - and your Will should keep pace.

Updating or reviewing a Will is usually straightforward and often quicker than many expect. It doesn’t need to be complicated or expensive.

It’s also advisable to consider putting Lasting Powers of Attorney (LPAs) in place alongside your Will, so trusted individuals can make decisions for you if you are ever unable to do so yourself. .

At Owen White Catlin, our Wills and Estate Management team can assist in reviewing your Will and advise on any changes you may need. We’ll guide you through your options with clarity, professionalism and care.

If you don’t have a Will, or if it’s been some time since you last looked at yours, now is the right time to act. Contact our team today for friendly, expert advice.