Many people know that having a Will in place is highly important, should they pass suddenly.
So, many people will opt to have their first will written after they have welcomed a new baby into the world, or when they get married or buy their first home. However, the importance of keeping your updated will is often overlooked.
Your original will can quickly become outdated and, if you had your Will written more than three years ago, it may be worth having it updated, solely to ensure that all of the terminology is still correct and legally binding!
Here, the reasons why you should keep your will updated will be explored, so you can rest assured that, if you pass suddenly, your family will be looked after.
It Needs To Represent Current Circumstances
So this is the most obvious reason to ensure your will is up to date.
Perhaps you have recently gotten a divorce. Or, perhaps you have been diagnosed with a terminal illness, and wish to leave a gift in your will to the charity who helped you, such as macmillan.org.uk. Or, it could be the case that you have recently lost a loved one who was mentioned in the original will, and you need to have their name removed.
If you have had a life event that means you want to change a part, or the entirety of your will, be sure to update it today. This will prevent confusion and complications after you pass, and, it will also ensure that the rules of intestacy do not come in to play. This is when assets are passed on to the ‘next of kin ‘ based in order of blood relation, and, while it is commonly linked to people passing who have not left a Will, it may also occur if there is a Will, but it is deemed null and void. So, be sure that you get it updated if there have been any major changes!
It Needs To Be In Line With Your Financial Affairs
Suppose you have recently purchased another property or moved house; you will undoubtedly need to ensure that your will reflects this.
If you have recently purchased a home in a joint name, you need to speak to your legal representative to ensure that you can understand what could happen to your share of the property when you pass away. This is particularly important if you have children from a previous marriage or, if you are looking to leave part of your property (or the assets from the sale of that property) to stepchildren.. Even if your wealth has decreased or increased, you need to consider how this will impact your will, as well as your assets and your beneficiaries. So, you will need to ensure that everything is up to date with your will in relation to your current financial affairs, to prevent family arguments when you pass away.
It Needs To Be In Line With Current Legislation
As hinted at in the beginning of this article, the laws around tax and inheritance are constantly changing, and if you had your Will written more than three years ago, it’s highly likely that there is now legislation in place that will render it out of date. For example, in many states in the US, extra inheritance tax relief is available if you’re passing your family home onto your children, stepchildren, or your grandchildren but this does not apply in every case. So, it’s important that your will is worded in a way that ensures such allowances will be able to be claimed in line with all of the new legislation.
Property law has also been many changes in line with inheritance, especially in the US in the last few years. If you live in the US, or have property in the US, you will need to ensure that your will is legally binding with property laws, or it may be deemed that your beneficiaries cannot inherit your home when you pass away.
It Needs To Be Worded With Current Terms
It’s not only the laws surrounding tax and inheritance that are constantly changing; the legal terminology also seems to change often! So, even if you have a Will that has been recently updated but uses out-of-date terms, this can render it void and invalid should you pass away. If you have concerns that there have been changes to legal terminology, please be sure to contact your probate solicitor to ensure that everything is up to date.
Bex Gawne
Since graduating from university with a degree in English Literature & Creative Writing, Bex has worked in the media and digital marketing industries for almost a decade. She specialises in writing health and lifestyle content and is passionate about making a difference. Outside of this, Bex has a keen interest in history, so you can often find her with a cup of tea, curled up with a historical novel, with her ragdoll cat by her side.
Thank you for reading.
