7 reasons why you might want to change your will
You may have written your will already, but that doesn't always mean your needs and wishes are always going to stay the same.
We know it can be tempting to put off writing your will. It feels easier to wait until you’ve bought the dream house, met the right partner, had your first child and achieved everything you had planned in life, before writing a will you'll inevitably have to change.
But we never know what's around the corner, and not changing your will as things in your life change, can leave all your hard-earned assets, and the people you want to inherit them, vulnerable.
Rather than changing your will we prefer to think of it as upgrading
Think of your will as a living document that grows and changes alongside you with every major life change. This can take the pressure off trying to future proof every decision.
The most popular reasons people in England or Wales change or update their will
1. There’s a new baby in town
A new baby in the family, be it a child, grandchild, niece or nephew can be an important prompt to think about updating your will. You may want to reconsider how you’re splitting your money or you may want to give your newest and smallest family member a special gift like a favourite ring or family photographs.
2. You’ve got married or divorced
Life can change quickly, and that means the people closest to you can change too. This can be another reason you may want (or need) to change your will.
If you’ve got married since you wrote your will, any will you already had in place is automatically revoked, unless it was written in contemplation of marriage. A revoked will means it’s treated like it does not exist, so if there is no earlier will the laws of intestacy will apply.
If you get divorced, your will is not automatically revoked. But it does affect how your will is interpreted. So it’s still important to change your will so it reflects your most up to date wishes.
This doesn’t mean you have to cut someone out entirely or give your entire estate to your partner now that you’re married, but it's important to think about how you'd like to pass on the things you own.
3. You’ve got remarried and have children from a previous relationship, or step children
Just like getting married for the first time, a second marriage will revoke your previous will, unless it was made in contemplation of marriage.
Should you remarry and die first, your new spouse or civil partner will inherit the first £322,000 of your estate plus half of anything over that value. They’re also entitled to inherit all of your personal possessions and any interest from the date of your death. What’s left will then be shared equally between your children. This may mean that your children from a previous relationship end up with very little, or nothing at all.
Under the laws of intestacy, any step-children will not inherit anything from your estate automatically.
Making an-up-to-date will is the best way to make sure your children and step-children are protected.
If you and your new spouse or civil partner share ownership of a property, putting your share into a property trust could protect it for your children, while giving your spouse or civil partner the right to continue living there during their lifetime. Find out more about including a property trust in your will.
4. You’ve moved up in the world
When you buy a house for the first time, move house or own multiple properties, it’s important to take a look at your will to see how it needs changing. You may want to share your house with more than one person if you die, or if you own multiple properties you may like them to go to different people.
5. Someone close to you has died
Moving forward in life isn’t always easy; we lose the people we love along the way. If that someone was previously a beneficiary (someone who benefited from your will) or an executor of your will (the person in charge of your will and sorting everything out after you die), it’s important to evaluate whether your will still reflects what you want.
6. You get a furry friend
After becoming a cat parent, or a puppy’s new best friend, it’s a good idea to think about who’d take care of them once you’re gone. Writing it in your will helps make sure the best person ends up looking after your precious Whiskers.
7. You’ve just changed your mind
Maybe you’ve realised you want to include a certain charity in your will or you’ve decided to switch who gets the vinyls and who gets your favourite guitar around. Once you see your will as the living document it is - you can start to get personal and meaningful with it now you’ve taken the pressure of it only being made once.
How to change your will
Farewill offers a subscription for unlimited changes to online wills for just £10 a year
So when your life changes all you have to do is log back into your account, and adjust your previous will accordingly.
Then we can send you a new copy of your will to be signed, witnessed and stored. Simple.
Write your will online with Farewill
Our solicitor-approved will writing service can help you write a will online in as little as 15 minutes.
Or call us on 0203 695 2090
Article reviewed