We see first hand the emotional and financial toll that inheritance disputes have on families. Keeping your will up to date is essential not only for ensuring that your assets are distributed according to your intentions but also for doing as much as possible to prevent unnecessary legal battles after your passing.
Here’s why staying on top of your will is crucial:
1. Prevent Family Disputes
One of the most common causes of family disputes following a death is an outdated or ambiguous will. When your will doesn’t reflect your current wishes, it leaves the door open for disagreements among beneficiaries.
Updating your will regularly helps to ensure, as far as possible, that your wishes are clear. By keeping everything in line with your current circumstances, you reduce the risk of conflict and protect your loved ones from the emotional and financial stress of a legal dispute.
2. Reflect Major Life Changes
Life is constantly changing, and your will should change with it. Key life events—such as getting married, divorced, having children, or acquiring significant assets—can have a major impact on how you want your estate to be distributed.
- Marriage or Divorce: Marriage invalidates a will unless the will was made in contemplation of marriage. Failing to update your will after getting married could result in your estate either being distributed under the terms of a previous will or alternatively where there is no previous will, the estate will be distribution under the rules of intestacy. As such, this may not reflect your wishes.
- Children or Grandchildren: If you’ve welcomed new children or grandchildren since writing your will, it’s essential to ensure that your will is updated if you would like to include provision for them.
- Death of a Beneficiary: If someone named in your will has passed away, this can lead to confusion or delays in administering your estate, especially if the terms of a will do not clearly provide for this eventuality. Updating your will ensures the right people inherit your estate without complications.
3. Ensure Fair Distribution of Your Assets
As you go through life, your financial situation is likely to change. Whether you’ve acquired new property, investments, or other assets, an up-to-date will ensures these are distributed fairly and according to your current wishes.
Failing to reflect new assets in your will can result in certain beneficiaries being unintentionally left out. Worse, it can lead to a situation where the estate is contested by individuals who feel they were not properly considered. By reviewing your will regularly, you can avoid disputes and ensure your assets are allocated as you intended.
4. Avoid Costly Legal Challenges
When a will is outdated or unclear, it’s more likely to be contested. Will disputes can be costly and time-consuming for your loved ones, often depleting the estate’s value through legal fees and prolonged court cases.
By regularly updating your will, you can significantly reduce the chances of it being contested. Clear, current, and legally valid wills minimise the risk of challenges and make the administration of your estate much smoother for your executors and beneficiaries.
5. Peace of Mind for You and Your Loved Ones
Ultimately, keeping your will up to date provides peace of mind. Knowing that your wishes are clearly stated and that your estate will be handled as you intend brings comfort—not just for you, but for your family as well. It spares them from the stress of trying to interpret an outdated will and reduces the likelihood of a dispute at an already difficult time.
When Should You Update Your Will?
We would suggest reviewing your will every three to five years at a minimum or after any major life event. Whether it’s a marriage, the birth of a child, a significant change in your assets, or a shift in your personal relationships, these are all triggers for updating your will. Regular reviews and updates ensure that your estate plan remains aligned with your wishes and circumstances.