It is a common practice for individuals to find solace and reassurance in having a Will, as it guarantees the fulfilment of their desires. However, it is crucial to periodically revisit this legal document in order to verify its alignment with your current intentions and preferences.
If there have been changes in your circumstances, such as a shift in how you wish to distribute your estate or a new preference for the executor or guardian of your children, you might consider making adjustments accordingly.
It is advisable to periodically review your Will, preferably every five years, and especially when certain significant life events occur. This ensures that your Will remains up-to-date and includes any necessary revisions. If you live in Wokingham and need to apply for probate, research experienced probate solicitors in Wokingham to find a suitable one to assist you in obtaining a Grant of Probate.
Buying Property
Property is often considered the most valuable asset for many individuals. When making a purchase, it is advisable to have a clear understanding of your future plans for the property. This will also influence the approach you take when buying a jointly owned property. For instance, if you hold a joint tenancy with someone, the property will automatically transfer to them in the event of your absence. Conversely, if you hold tenancy in common, you have the freedom to designate a different beneficiary for your share of the property in your Will.
It is possible to grant the other owner a life interest in the property, allowing them to reside there indefinitely. However, upon their departure or no longer requiring the property, your portion will be transferred to the beneficiary of your choosing.
Embarking On Matrimony Or A Civil Union
When you get married or form a civil partnership, your Will becomes invalid unless it explicitly mentions that it was created in anticipation of the marriage or civil partnership. Consequently, if you do not create a new Will, your estate will be distributed according to the laws of intestacy.
Having Children
When a child is born, it is common for individuals to review their Will to guarantee provisions for the child’s future. The Will also serves as an avenue to designate a preferred guardian for the child. Failing to legally appoint a guardian would entrust the decision of caring for the children to the court in the event that something unfortunate happens to both parents.
When a Named Beneficiary Passes Away
If an individual designated as an executor, trustee, or guardian in your Will passes away, it is advisable to reassess whether it is necessary to appoint a replacement. This becomes crucial if your Will does not specify an alternate appointee.
If the recipient passes away, it might be advisable to create a revised Will that includes alternate arrangements for the intended gift.
Ending A Marriage Or Dissolving A Civil Partnership: What You Need To Know
When you go through a divorce or the termination of a civil partnership, any provisions in your Will that leave assets to your former spouse or partner will become void. As a result, it is possible for a portion or the entirety of your estate to be considered intestate, meaning it has no designated heir and will be distributed according to the Rules of Intestacy.
Transformations in Your Monetary Circumstances
If there is a significant alteration in your financial situation, it may be necessary to review your Will in order to ensure that the individuals you wish to support are still adequately provided for. Initially, Your estate will allocate funds to specific gifts, such as a sum of £5,000 to X. Once all of these designated gifts have been distributed, the remaining assets will be divided among beneficiaries.
If the value of your estate decreases, it is possible that your residuary beneficiaries may receive a smaller share compared to those who are receiving specific gifts.
Changes In Legislation
Occasionally, legal regulations undergo modifications regarding matters like Inheritance Tax and the permissible limit for tax-exempt gifts. It can be beneficial to reassess your Will in light of these changes in order to optimise your estate’s tax efficiency.
