Did You Know This Can Effect Your Will?

2023 could be the year of change for you, whether it be a new home, new job, marriage, divorce, or a new member of the family. Whatever it might be, are you aware of some of the different ways in which your Will could be affected? 

If you have bought a new home, congratulations! Does your current Will include your previous home address? If so, please get in touch with your will writer to have your Will updated to ensure your new property is covered in your Will. 

 

What if this is not done? If for example your current Will gifts a property to your son and this property does not exist at the date of your death, the gift will fail. 

Your current Will may state “children” or alternatively specifically name your children. 

 

If your Will states “children” this provides for any children that are living at the date of your death. However, if your current Will specifically names your children and you have had more children since, you will need to update your Will to include them also. 

 

With marriage could come step-children so let’s take a look at this now. Apart from legislation relating to the residence nil rate band, did you know step-children are not included in the automatic definition of “children, issue or descendants” when it comes to your Will? 

 

You may class them as your own children as you have looked after them for many years but even if this is the case, they will not benefit if your Will gives your estate to your children. Of course, they can challenge the Will on your death but to prevent costly and time-consuming litigation, if you wish for them to benefit under the terms of the Will, either specifically name them or have “children and step-children” written in the Will. Your estate planner will advise on this during your meeting. 

If you own a property abroad i.e. Dubai? We would advise you to have a Will in place in the country where the property is held. It is important to ensure the Will is restricted to assets in that country only. 

 

Why is this? If you write a Will in 2019 and then see a will writer in Dubai in 2022 and this specific Will is not restricted to assets in Dubai only, your 2019 will be revoked. 

 

If you wish to make amendments to your Will, have a new Will written or any supporting documentation, simply contact your Will Writer who will be able to assist with putting these changes in place or draft any new documentation for you. Remember, if you have a new Will written, it will revoke any previous Wills.