Five life events that may change your Will
By z4027672030, Feb 12 2016 03:17PM
Unfortunately, we live in a world where no one can predict the future, and we don’t know what is just around the corner. It is for this reason that everyone should be prepared.
Being prepared includes getting all of your affairs in order, which includes planning for your death. Basic planning for this event includes executing a last will and testament, where you outline who inherits your assets after you have passed.
This is a document everyone should have at some point in their life, but there are a few life events that trigger people to consider changing their will, or creating one if they haven’t done so already. We have taken a look at five of the most common below:
Prior to a marriage, the primary beneficiary is generally parents, siblings or children. However, after the wedding, the primary beneficiary often shifts to the new spouse. With regards to second or third marriages where one or both spouses have children from primary marriages, organising your affairs is particularly important if you want to provide for the new spouse whilst ensuring that children from a previous marriage are not disinherited.
Often upon divorce, each spouse wants to remove their estranged spouse as a beneficiary of their estate. This estate would go to the children you have with your estranged spouse. If there are no children, the estate will go the parents, brothers or sister. If the divorced person was an only child, or has no parents, siblings, nieces or nephews surviving them, then it would be grandparents or aunts and uncles (or their children) who would be entitled. More often than not, this is not the wish of the divorcee, so making an up-to-date will helps solve this issue.
Death of a Spouse
When a spouse dies, the primary beneficiary of the estate often switches to children. If there are no children, the estate may be left to other family members, or charities. If the deceased spouse is an executor of a will or lasting power of attorney, the surviving spouse should update their will and other documents to name new beneficiaries and appoint new fiduciaries.
Birth of a Child
Upon the birth or adoption of a child, the parents should plan for the possibility that they could both pass away while the child is still young. Documents should be set in place to appoint a guardian for the child who can manage the money for the child’s benefit until they are of legal age. Any inheritance would be held until the child turns 18, at which time they would receive all remaining funds.
Birth of a Grandchild
Quite often, grandparents want to include their grandchildren in their will and leave them financial aid to help for big life events, such as university fees. If the adult children are not good with money, including grandchildren in the will is a guaranteed way for them to receive an inheritance.
These are just five life events that can cause a person to create or change their will, and reiterates that you should ensure your will is up to date. If you are looking to create or update your will, please feel free to contact our North Devon will solicitors who provide a friendly, personal and professional service, all at a reasonable cost. Contact us today for more information.