March 8, 2022
Everyone should have a will, especially if you own your own property, or have family that depend on you. Once you have prepared your will, it’s easy to file it in a drawer and put it to the back of your mind. However, life and circumstances change meaning you may need to update your will otherwise it may not be in line with your current situation.
Some areas to consider:
- Have your circumstances changed recently? Married? Divorced? Do you have a life-long partner? Often people don’t realise that that they may need to amend their will if they become separated or divorced. You are unlikely to want to continue to make the other party a major beneficiary of your will, however being divorced does not automatically cancel the existing will and you could find that your ex will benefit on your death, rather than your current partner. It is also important to remember that in the eyes of the law in Scotland, a couple who are living together don’t have the same automatic rights as a married couple when it comes to sorting out a deceased person’s estate.
- Do you have children? If you have recently given birth you will want to ensure your child or children are cared for. If you have children under 16 you should decide who would look after them and ensure there are funds to help. You will also most likely want to ensure that your children do not get large sums of money on their 16th birthday. If you want a specific family member or friend to take care of your children but that person is not your next of kin, then you need to ensure you designate that person specifically in your will.
- Have you moved house? Or have you purchased another property since you made your will? What will happen to your property on your death? You may need to discuss how the property is owned, especially in relation to protection from care homes fees, and if a second property is purchased you may want to leave this to different beneficiaries.
- Have any of your beneficiaries or executors died since you made your will? If so, you may need to remove their name and update the will to ensure it is dealt with correctly.
- What is your current financial situation? Do you own a business? Has the value of your assets or your pension changed?
Putting your wishes in black and white is not complicated, nor expensive, and when preparing a will, you are bringing peace of mind for yourself and those you love. Reviewing your will regularly will help ensure that your wishes will always be accurately reflected.