11 December 2020
If you have a Will in place, that’s great. You’re already one step ahead of millions of people, as more than half of UK adults don’t have one.
This is a task many people forget to do. Yet making sure your Will remains up-to-date could be as important as preparing one from scratch.
Why? Because in life things change. People. Relationships. Finances.These can often mean that your Will may no longer reflect your wishes. In fact, Royal London research shows that of those that do have a Will, one in seven (13%) admitted it to be out of date, rising to nearly one in five (18%) amongst those who have previously been married, which increases the risk of assets not going to the person you want them to go to.
Ideally, you should review your Will at least every five years to ensure it still reflects your wishes. Or after a major life event to reflect your new circumstances.
Our Will Writing Partner, Redstone Wills Limited, could help you make or update your Will.
Amongst the excitement of welcoming a new child or grandchild, an important task is to make sure your Will is updated – as they won’t be automatically added to it.
You can also use this opportunity to specify in your Will who you’d like as legal guardian of your children in the event of your death.
Once you marry, any Will made before your wedding will become void, unless your Will makes specific reference to your intended marriage, so you’d need to renew it in order to avoid dying 'intestate’. This is what happens if you don’t have a Will in place – and means your assets will be shared out according to the intestacy law, not your wishes.
Contrary to when you marry, if you were to divorce, this wouldn’t automatically void your Will, but any gift to a former spouse takes effect as if he or she had died when you divorced. Often this means the gift would be shared out between the residuary beneficiaries.
When you move home, you should take steps so that your new property is included in your Will if you own the property. You might need to discuss how it’s owned and the overall value of your estate.
If you buy a second property and wish to leave it to different people, this needs to be reflected in your Will arrangements.
If someone included in your Will has sadly passed away, it may need to be adjusted to state who you would now like to receive that share of your estate.
After receiving a large sum of money, you’ll need to say who you’d like to leave it to in your Will. Likewise, if you lose money, you should review your Will to ensure you’re leaving only what’s available.
If you have an inheritance tax liability, you may be using your Will to reduce it. If you haven’t reviewed your plans for some time, key changes over the past decade could mean your Will no longer helps to reduce the amount of inheritance tax payable on your estate.
We understand legacy planning can be complex. That’s why our Will referral service could help.
Find out more about our Will Referral Service.
Skipton Will Referral Service is provided by Skipton Trustees Limited, registered office: The Bailey, Skipton, North Yorkshire, BD23 1DN, registered in England no. 6258324, and administered by Redstone Wills Limited, Windmill Road, St Leonards-on-Sea, East Sussex, TN38 9BY. Company no. 3673190. Skipton Building Society and Redstone Wills Limited are both members of The Society Of Will Writers and they both abide by their Code of Practice, copies of which can be found on the Society of Will Writers website or by writing to them at Chancery House, Whisby Way, Lincoln, LN6 3LQ.
Please note that Wills are not regulated by the Financial Conduct Authority.
If you think it's time to make or update your Will, you can find out more on our Will Writing page, or call us for an initial chat on:
*To help maintain service and quality, some telephone calls may be recorded and monitored.
Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.