Life rarely stands still. Over the years, our families grow, careers progress, homes change and financial circumstances evolve. These milestones are exciting, but they can also have a significant impact on your estate planning.
Many people make a Will and then file it away, assuming it's something they'll never need to think about again. In reality, your Will should evolve alongside your life. Failing to review it after major life events could mean your wishes are no longer reflected or your loved ones aren't protected in the way you intended.
At Lamb Brooks Solicitors, we often say that making a Will isn't a one-off task - it's an important part of planning for the future. Here are some of the key life changes that should prompt you to review your Will.
Life Changes That Mean It's Time to Review Your Will
Getting Married or Entering a Civil Partnership
Getting married is one of life's biggest milestones - and it's also one of the most important reasons to review your Will.
In England and Wales, marriage or entering into a civil partnership generally revokes an existing Will unless it was specifically made in contemplation of that marriage.
Without an updated Will, your estate may not be distributed as you intended.
Whether you're newly married or planning your wedding, it's a good opportunity to ensure your Will reflects your new circumstances and protects those closest to you.
Growing Your Family
Welcoming children into your family is often the moment people first consider making a Will.
A Will allows you to:
- Appoint guardians for young children.
- Decide how your estate should be distributed.
- Help provide financial security for your family.
- Ensure your wishes are clearly documented.
As your family grows, your priorities naturally change. Reviewing your Will ensures it continues to reflect those changes.
Becoming Grandparents
Family trees don't stop growing once your own children become adults.
Many grandparents choose to update their Wills following the arrival of grandchildren, whether that's by leaving gifts, setting up trusts or ensuring future generations are provided for.
It's also an opportunity to consider how your estate can benefit the wider family while reflecting your personal wishes.
Buying a Home or Building Wealth
Over time, many people accumulate more wealth than they realise.
Perhaps you've:
- Purchased a new home
- Paid off your mortgage
- Built an investment portfolio
- Started or grown a business
- Received an inheritance
As your assets increase, your Will should be reviewed to ensure your estate is distributed tax-efficiently and according to your wishes.
What may have been appropriate ten years ago may no longer reflect your financial circumstances today.
Getting Divorced or Separated
Relationships change, and your Will should change with them.
Following a divorce or separation, it's important to review:
- Executors
- Beneficiaries
- Guardians
- Funeral wishes
Although divorce can affect parts of your Will, it doesn't automatically create a new one. Reviewing your estate planning during this time provides clarity and peace of mind.
Starting or Growing a Business
Business owners often overlook the importance of including their business interests within their estate planning.
If you've:
- Started a company
- Become a shareholder
- Bought into a partnership
- Expanded your business
it's worth reviewing how these assets would be dealt with if something were to happen to you.
Business succession planning and personal estate planning often go hand in hand.
It's Been Several Years Since You Last Reviewed Your Will
Even if nothing significant has changed, it's good practice to review your Will every three to five years.
Laws evolve, tax rules change and family circumstances naturally develop over time.
A regular review gives you confidence that your Will still reflects your wishes and provides the protection your loved ones deserve.
Don't Wait for a Major Life Event
Many people delay reviewing their Will because they believe they need a significant reason to do so.
In reality, updating your Will is about ensuring it keeps pace with your life.
As your family grows, opportunities arise and your circumstances change, taking a little time to review your estate planning today could prevent uncertainty and unnecessary stress for those you leave behind.
Planning for the Future with Confidence
Life is full of opportunities - new homes, growing families, successful careers and exciting new chapters.
Your Will should grow with you.
At Lamb Brooks Solicitors, our experienced Wills, Trusts and Probate team helps individuals and families across Basingstoke and North Hampshire create and review Wills that reflect their changing lives.
Whether you've recently married, welcomed grandchildren, built a successful business or simply haven't reviewed your Will for several years, we're here to provide straightforward, expert advice and complete peace of mind.
Contact our friendly team today for more information.
