During a Divorce
In the event that your relationship breaks down, it’s common that you will want to make a new will before the divorce is finalised. The reasoning for this is because even in the midst of the divorce process, your will may still make provision for the person you are divorcing. Furthermore, this provision could remain effective until your divorce has been finalised.
If this is the case, and you die part of the way through the divorce, your spouse will still inherit from your estate. As a result, our solicitors advise that it’s sensible to protect yourself during the divorce process. Ideally by creating a new will, but in some circumstances a codicil may be equally as fitting.
Family disputes can be complicated and stressful. If you wish to ensure that a member of the family will not benefit from your estate, then it’s important to make a will to ensure this is clear. We would also recommend leaving a letter of wishes. This letter will add to the robustness of your wishes. The robustness of your will make it less likely that the disinherited family member can contest the decision.
Substantial Changes in Your Financial Position
Finances fluctuate over all our lifetimes. If you have a significant change in your financial situation, you should consider changing your Will to provide for this. It’s a good time to reflect on your new circumstances and what you may want to happen to your assets. Some typical moments when this happens in life is receiving an inheritance, getting a promotion or redundancy.
People forget their will when making a purchase of sizeable asset such as a home, car or jewellery. These high-value purchases are worth considering in your Will. You may have a clear idea of how you want these assets to be left which need to be outlined when you make a Will.
Getting a Life Insurance Policy
A life insurance policy is a great way to make sure your loved ones are looked after. If the worst was to happen, your loved ones are protected as long as this is written on trust. Being written on trust means that the beneficiaries don’t need to wait for probate to access the funds. If written on trust the proceeds are payable to the beneficiaries as soon as you pass away. Our solicitors advise that getting a life insurance policy is part of the planning everyone should undertake, and so should coincide with writing a Will.
This rule advises that you carry out a check-up on your Will every five years. This check on your will is sensible to ensure it still accords with your wishes. There may be nothing you wish to change, but equally, you may not have realised everything that has changed over the last five years. A check-up with an expert should help to highlight any necessary changes. Even if there are no changes to be made this check-up will give you that peace of mind that your loved ones are protected.