When navigating life, certain landmarks call for a celebration, reflection and sometimes, some paperwork. Among these, creating or updating your will is of importance, ensuring your wishes are honoured.

Life milestones such as purchasing your first home, welcoming a new member to the family, or even facing the trials of a divorce, each mark significant moments when revisiting your will becomes essential.

Here, JMW guides you through these pivotal points in your life, helping you understand when and how to update your will, so it accurately reflects your current circumstances and future wishes.

Understanding Life Milestones and Your Will

Major life events can change what you own and who you want to share it with. That’s why it’s important to update your will when these events happen. Think of a will as a living document that should grow and change as you do.

A ’major milestone’ can be anything that significantly changes your life or your family's life. This includes getting married, buying a house or having a baby. If you don’t keep your will up to date after these events, there could be confusion or disagreements about your estate later on.

Updating your will doesn’t have to be complicated. It means reviewing who gets what, who looks after any children, and who will make sure your wishes are followed. If these things aren’t clear in your will, the law will decide for you, and it might not be what you want.

Many people think once they’ve made a will, that’s it. But life changes, and so should your will. Regular updates make sure your will does what you want it to do - protect your interests and your assets.

Acquiring Property

The acquisition of a property often signifies a major milestone in a person's life, marking a moment of considerable financial and personal investment. It's not just a transaction; it's the creation of a home and, in legal terms, a substantial asset that needs to be accounted for in your will.

When you cross the threshold into home ownership, it's imperative to update your will to reflect this new asset. Your home is likely to be one of the most significant parts of your estate and, as such, requires clear directions on how it should be handled upon your passing. Who will inherit the property? Are there specific conditions you wish to attach to its inheritance? These are questions that a revised will can address, ensuring your property is bequeathed exactly as you wish.

Here are the steps to consider in updating your will after buying a house:

• Asset review: list your property as an asset in your will. Include any specific details that will help identify it, such as the registered title number.
• Beneficiary designation: decide who you want to inherit your property. This could be a single individual, such as a spouse or a child, or you might wish to have it divided among several family members.
• Instructions for sale: if you prefer the property to be sold, rather than directly inherited, provide clear instructions. Specify how the proceeds should be distributed and any conditions you want to be met during the sale.
• Guardianship considerations: for those with dependants, consider if you want the property to serve as their home should you not be there. This may require setting up a trust to manage the property on their behalf until they come of age.
• Debt and mortgage clauses: address how any outstanding mortgage or property debts should be managed. Should these be cleared with other estate assets or taken on by the inheritor?
• Legal validation: once these details are determined, have a solicitor review the changes to ensure they're legally sound and in line with your overall testamentary intentions.
• Witnesses and signing: update your will with these changes and sign it in the presence of witnesses, as required by law, to make it legally binding.

By taking these steps, you can rest assured that your home, often the cornerstone of your wealth, will be part of your legacy exactly as you intend. It’s a matter of taking control and clearly articulating your wishes to avoid any ambiguity or potential familial discord in the future.

Divorce

Divorce, although challenging, is a significant milestone in one's life that necessitates a thorough revision of your will. This life-altering event brings about profound changes in personal circumstances, which must be mirrored in your legal documents to safeguard your interests and those of your loved ones.

Upon the dissolution of marriage, it’s imperative to reassess your will for several reasons:

• Revocation of spousal inheritance: typically, in England and Wales, divorce does not automatically nullify the will, but it does cancel any benefit to a former spouse. Therefore, it's crucial to update your will to redistribute any assets previously bequeathed to your ex-partner.
• Appointment of executors and trustees: if your former spouse was named as an executor or trustee, you might want to appoint someone else to these roles to ensure your estate is managed as you see fit.
• Custody and guardianship adjustments: if you have children, revising custody and guardianship instructions in your will is critical to reflect your current wishes.
• Reassessment of beneficiaries: post-divorce, you might want to change the beneficiaries listed in your will. This could involve including children, family members, or charities that weren’t considered previously.
• Update of legal directives: review any legal directives, such as lasting power of attorney, to ensure they are in line with your current circumstances.
• New financial liabilities: divorce might bring new financial liabilities like maintenance payments, which should be considered in your estate planning.
• Clarity on marital assets: ensure your will clearly states how any joint assets are to be treated now that the marriage has ended.

Inheritance

Receiving an inheritance is a significant financial event that can reshape your estate's landscape. When your own assets grow, it's important to re-evaluate how you want these new resources to be used in the future. Without incorporating your inheritance into your will, there’s a risk that these assets won’t be distributed according to your preferences, potentially leading to disputes among those you leave behind.

Here's what to consider when updating your will after receiving an inheritance:

• Asset assessment: make a detailed list of the new assets you've inherited and consider their value. This may include money, property, stocks, or valuable personal items.
• Distribution wishes: decide how you want to distribute these new assets. You may want to share them amongst your current beneficiaries or leave them to someone specific.
• Tax implications: understand the tax implications of your inheritance. Your solicitor can advise on how to manage these assets in a tax-efficient way, possibly benefiting your beneficiaries in the long term.
• Charitable donations: if your inheritance is substantial, you might consider leaving a portion to charity. Not only does this reflect your values, but it can also reduce the Inheritance Tax burden on your estate.
• Trust creation: for larger or more complex inheritances, setting up a trust can be an effective way to manage your assets. Trusts can provide for minors, support family members with special needs, or preserve assets for future generations.
• Specific conditions: you might want to attach certain conditions to the inherited assets, such as age restrictions for beneficiaries or stipulations on how the assets can be used.

Loss of a Loved One

The death of a beneficiary or executor named in your will requires prompt attention. You'll need to consider how their absence affects the distribution of your estate and who will take on the responsibilities they were assigned.

With each of these transitions, your will should be evaluated and updated accordingly:

• Reflect on changes: take stock of how new circumstances affect your current will.
• Consult with family: have open discussions with family members who may be impacted by changes to your will.
• Seek professional advice: always consult with a solicitor to ensure your will is valid and reflects the latest legal requirements.
• Review regularly: even if no major life event has occurred, it’s wise to review your will periodically to ensure it still aligns with your wishes.

Life is dynamic, and your will should be too. By maintaining a will that mirrors your current life stage, you ensure that your legacy is passed on as you intend, offering peace of mind to you and those you hold dear.