As you go through life, there are many important moments that can impact the way you think about your legacy and the people you want to provide for after you’re gone. While there are many things you can do to plan for the future, one of the most important is to create a Will. A Will is a legal document that outlines your wishes for how your property and assets (digital and physical) should be distributed after you die. Here are 5 times throughout your life that you should review, make, or update your Will as a rule of thumb:
Buying & Selling Property
When you buy or sell a property, it’s important to review your will to ensure that it reflects your current wishes. For example, if you buy a new home, you may want to include provisions in your will that direct how the property should be distributed after you pass away. If you sell a property, you may want to update your will to remove any references to that property.
Family Changes
When there is a change to your family i.e. getting married, having a child When there is a change to your family, such as getting married or having a child, it’s important to update your will to reflect your new circumstances. You may want to add your spouse or child as a beneficiary, for example, or change how your assets are distributed to ensure your family is properly provided for.
Significant Financial Changes
If you experience any significant financial changes such as inheriting from a relative If you experience any significant financial changes, such as inheriting money or property from a relative, it’s important to review your will to ensure that it reflects your new circumstances. You may want to update your beneficiaries or change the way your assets are distributed to reflect your new financial situation.
If Someone in Your Will Dies
If someone in your will dies such as a beneficiary or executor If someone named in your will, such as a beneficiary or executor, passes away before you do, it’s important to update your will to reflect this change. You may want to name a new beneficiary or executor, or change the way your assets are distributed to reflect the loss of the original beneficiary or executor.
Every 5 Years
Even if none of the above situations apply to you, the UK Government recommends reviewing your will every 5 years to ensure that it still reflects your wishes. Significant changes can happen in your life without even noticing them happen. As you go through life, your circumstances and priorities may change, and your Will should reflect these changes.
In summary, there are many important moments throughout your life when you should consider making or updating your will. By keeping your will up to date, you can ensure that your wishes are carried out after you’re gone and that your loved ones are provided for. If you have any questions about making or updating your will, don’t hesitate to contact us at info@lyonsbowe.co.uk. We’re here to help.
