updating your will

At What Point Should You Update a Will?



Posted on: 10th November 2023

When you construct a solid financial plan with independent financial advisers Cheshire, it would be par for the course that your will is a vitally important part of the overall plan. As your financial roadmap to retirement is destined to have to change whenever something financially stressful happens or big changes happen in your life, you must set some time asside for updating your will and making it fit in line with those changes.

With a legally binding document in effect, you can control your destiny and ensure that your assets get distributed in line with your wishes. As your circumstances will change dramatically since you first drafted your will, the thought of updating it will be something that hovers in your mind for long periods.

Does your will currently remain fit for purpose and reflect your current wishes? If any of the following has happened, it should be time to act on overhauling your wealth wishes in line with your current lifestyle.

Marriage and Divorce

One of the main reasons people need to update their will is when they enter into marriage or a civil partnership. Your will undoubtedly benefits your spouse or partner. Otherwise, they stand to receive nothing following your passing to help them cope.

If you are coming out of marriage or a civil partnership, your will must be updated to reflect that. That is especially important when you are moving into a new relationship after your marriage ends and you choose to never re-marry. In these cases, when you pass, your new partner will be excluded from automatic rights to inherit any of your assets.

That is also still the case if you cohabit with your new partner for many years and have children together. Your ex will still have a claim to your estate if the will is not updated.

Estrangement and Children

Your current will may lay mention to a family member whom you no longer associate with and no longer wish as a beneficiary. That can also relate to relations to an ex-wife or a close friend of many years.

If this is the case, it is essential to update your will accordingly so that no conflicts with your wealth occur down the line. Another aspect is the change of having children or grandchildren you want included in your beneficiaries. Many family members come along after the initial will writing that you cannot predict, and they have a bright future by being supported following your passing by being factored into your will.

Additionally, there may be people listed in your will that are no longer living that you would also have to eliminate from the will to ensure it is not passed onwards to their close parties.

Changes in Circumstances – Updating your will

As we have all witnessed in the 2020s, your financial situation can have a drastic change without warning or preparation. On the other hand, you could also stand to receive an inheritance or sudden windfall.

Another possibility is that you have changed jobs to one with a much higher rate of pay. Sitting with independent financial advisers Manchester can make a big difference in how you plan to distribute your assets following your death, such as your estate or gifting some wealth to charities or good causes.

Contact the team at Haven IFA today to look at your wealth plans and update your retirement planning Manchester, investment avenues and where your wealth should be distributed following your passing.