Check out our quiz to see whether you need to make a new will!
1. Have you never got round to making a will?
It’s something you plan to do one day when the need arises. You don’t want to focus on death while you have your whole life ahead of you. Sadly some people do die unexpectedly. If you don’t have a will and you die intestate the Administration Act will determine who will benefit from your estate. Your partner may have to make a claim for his or her share of relationship property. There may be unnecessary delay and tension caused between your partner and family members and legal costs at a time when they are already having to deal with the grief caused by your untimely death.
2. Have you just bought your first house with your partner?
At long last you are starting to accumulate some assets. Even though the bank probably owns a large share of the home, if you die and mortgage protection insurance is paid out, your estate could be of considerable value. If you make a will your wishes will be made clear to your partner and extended family. Delays and disputes can be prevented.
3. Are you planning to get married?
Now that you have decided to get married any previous will you have is automatically revoked unless you have made a new will in contemplation of the marriage. You need to make a new will or again the Administration Act will decide who will benefit from your estate which may not be what you want.
4. Have you had a new baby?
Now that you have children you are aware of how dependent they are on you. It’s a good time to update your will to make provision for testamentary guardians who will be able to make important decisions about your children’s care should you and/or your partner die.
5. Have you separated from your partner?
Sometimes relationships don’t turn out how we had hoped. You no longer wish to share your life with your previous partner and you certainly don’t intend them to benefit from your estate if you die. You need to decide who you do want to leave your property to now and make a new will.
6. Are you in a new relationship and have children from a previous relationship?
You are happy to have found someone new and special to share your life with and maybe you are considering moving in together. At the same time you want to make sure that your children will be provided for in the event of your death. You may be considering a relationship property agreement with your new partner to determine ownership of your property. You need to think about how you are going to balance the needs of your new partner and your children in the event of your death. Maybe you want to allow your partner to have the use of your share of the home for sometime before it is eventually left to your children. Time to update your will again!
7. Is it a while since you looked at your will?
Thankfully sometimes we have a time where there are no major life crises and relationships are stable. We can forget about the need to update our will when we have no major life event to prompt us. Are the guardians you appointed for the children ten years ago still the most appropriate people? Do you need to change your trustees? Are the children old enough and responsible enough now to take on this role? Have a look at your existing will and make sure you are happy with your choices.
8. Have you decided to establish a family trust to protect your property ?
Maybe your relationship has ended and you would like to protect your property from future relationship property claims or you have accumulated some assets with your partner which you would like to protect. A family trust could be a good idea for you. If you have established a family trust you will need to change your will so that you can forgive any debt that your trust owes to you at the date of your death.
9. Would you like to make specific gifts to family members or charities?
You are nearing the end of your life and you have made some important decisions about family heirlooms or you want to make specific gifts to organisations whose work you support. You may decide you want to give something specific to the grandchildren. While you still have the capacity to make a new will you may want to consider an update.
At Mitchell Mackersy we are always keen to ensure our clients have an up to date will which expresses their wishes. Come and see us if you think it is time for you to make a new will.
