5 Life Events That Should Prompt an Update in Your Will

Your will is a fundamental part of your estate planning and should be updated to reflect major life changes. Here are five life events that should prompt you to review and update your will:

1. Marriage

Marriage is a significant life event that often necessitates updating your will. If you marry, you’ll want to include your spouse in your will to ensure they are provided for according to your wishes. This may involve adding them as beneficiaries or making specific provisions for them. Without updating your will, your spouse might not be adequately accounted for, leading to potential legal complications.
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2. Divorce

Divorce can have a major impact on your will, particularly if your former spouse was previously a beneficiary or executor. After a divorce, it’s important to review and update your will to remove any references to your ex-spouse and make adjustments based on your new circumstances. This ensures that your estate is distributed according to your current wishes and prevents unintended inheritance issues.

3. Children

The birth or adoption of children is a key life event that should prompt an update to your will. It’s essential to include your children in your will to ensure they are provided for and to appoint guardians if necessary. This will help ensure that your children are cared for according to your preferences and that their inheritance is managed appropriately.
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4. Buying a Home

Purchasing a new home or making significant property investments can affect your estate planning. It’s important to update your will to reflect the addition of new assets and any changes in your financial situation. This ensures that your property is distributed according to your wishes and that any new assets are included in your estate planning.

5. Retirement

Retirement often brings significant changes to your financial situation and priorities. As you approach retirement, review your will to ensure it aligns with your current financial status and future plans. This might include adjusting your asset distribution or making provisions for any new financial arrangements.

Conclusion

Major life events such as marriage, divorce, the birth of children, buying a home, and retirement should prompt you to review and update your will. Keeping your will current ensures that your estate is managed according to your latest wishes and prevents potential disputes. For assistance with updating your will, contact Marsons Solicitors in Bromley, Kent.

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