At McDougall McQueen we understand that life can be unpredictable, especially when it comes to matters of the heart. In the world of estate planning, a recent situation with one of our clients has highlighted the importance of regularly reviewing your Will to ensure your assets go to the right person.
Today, we share a cautionary tale that illustrates why it’s crucial to keep your Will up-to-date…
In a tale that spans almost four decades, a man once wrote a Will that left his most significant asset – his house – to his then-girlfriend, the love of his life at the time. However, as fate would have it, their relationship eventually soured, and they went their separate ways. Life continued, and the man found love once more, leading to a marriage that lasted for the rest of his days.
Life, as it does, got in the way, and as time passed, the man never got around to revising his Will. This oversight proved to be the twist in the story when, 40 years later, he passed away without any children and without having revoked his original Will or creating a new one.
In Scotland, marriage does not automatically revoke a Will. Therefore, the original Will, which left the house to his ex-girlfriend, remained valid in the eyes of the law. When the man passed away, it was this outdated Will that determined the distribution of his assets.
This case serves as a powerful reminder of the importance of regularly reviewing and updating your will. Life changes, relationships evolve, and circumstances shift. Without proper updates, your Will may not accurately reflect your current wishes. Even if your circumstances haven’t changed significantly, it’s still wise to revisit your Will every 3-5 years. If your relationships change, update your will accordingly. Ensure that your assets go to the people you want them to go to, reflecting your current circumstances and desires.
At McDougall McQueen, we’re here to help you navigate the complexities of estate planning and ensure that your wishes are legally sound. Don’t let an outdated will be the final chapter in your story.