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Should You Update Your Will for the New Year?

Wills

As we come to the end of another year, many of you may be looking ahead to the new year and wondering about whether changes to your circumstances might mean that you should update your will or look at your estate planning situation.

In this article, we’re going to cover off 4 main areas for lifestyle changes that may mean it’s time to revisit your will in the new year. Since the last 2 years have been so turbulent and full of financial and life changes for many, it’s becoming increasingly common that people’s estate planning provisions and wills are out of date, so it’s definitely worth revisiting yours if you haven’t already to make sure it’s still fit for purpose.

Moving house

Since the stamp duty changes have caused a huge flurry of activity on the housing market, and prices have massively increased, a huge number of us have moved home in the last year or so. Whether it’s your first home, you’re upsizing, downsizing, or buying a second home, buying or selling property will change your estate and is therefore likely to have a significant impact on the nature of your estate planning.

Also, your existing will may mention a property by name or address. If it does, and you have moved house, it’s important to update your will to help your executors when the time comes.

New babies

Lockdowns have certainly seen a number of new arrivals being born. Whether that’s a new child for you, or an addition in your extended family, adding new beneficiaries is a common reason why people need to update their wills.

So, whether it’s getting a new grandchild added or setting up a will for your own children, the arrival of a new baby is an important time to get your will changed.

Marriages and divorces

While weddings have been restricted due to Covid lockdowns, many people have still got married, either by having very small ceremonies, or by holding ceremonies over the summer when restrictions were lifted. Getting married automatically revokes a will that you had in place before, so if you have got married and haven’t updated your will, it’s important to do so as soon as you can.

Also, divorces and separations are also common reasons why people might need to update their wills. If you’ve gone through a divorce or separation recently, you will also generally need to update your will and estate planning to ensure it reflects your new circumstances.

Losing a loved one

Unfortunately, the last 2 years have made the reasons why we make wills and plan our estates abundantly clear. Many of us have sadly lost loved ones, and this has important impacts for our wills. It could mean that one of your beneficiaries need to be removed if they have passed away, or even that a trustee or guardian that you intended to use now needs to be updated.

You may also have received an inheritance of your own in the last year. This is also likely to mean that you should update your will to include these new assets, whether it be property or other items.

If you need help writing your will or updating your estate plan, speak to Face to Face Estate Planning. Our team of friendly will writers can help you make sure your circumstances are properly reflected in your will and give you peace of mind that everything’s taken care of. Get in touch with us today.