The Key Life Events That Mean Your Will Needs Updating

Many people neglect to make a will. They figure it is something to tackle when they are older, or they believe they are not wealthy enough to merit one, or they assume that their spouse and children will automatically inherit their estate. 

Never make assumptions about what will happen to your estate when you die. There is only one way to ensure that your legacy goes where you intend it to, and that is with a will. Without one, decisions about your money, your property and even the guardianship of your children are left to the law of whichever country applies - not to you.

A will does more than list who gets what. It names an executor you trust to carry out your wishes, sets out guardianship arrangements for children, and can reduce the time, cost and stress your family faces at an already difficult moment. It is not a document for ‘later’ or for people with complicated finances - anyone with a home, a partner, children or savings has something worth protecting and should have a will.

Here are just some of the things that could happen if you die intestate.

An outdated will can be almost as risky as having no will at all. It still counts as a legal document, so if it no longer reflects your circumstances, the law will follow it anyway - even when it clearly no longer reflects your wishes. That’s why we advise regularly reviewing your will and especially after major life events. 

Marriage

Getting married is one of the clearest triggers for a will review. You may want to name your spouse as a beneficiary, or give them an important role such as executor or guardian of your children. In some countries, such as England and Wales, marriage also automatically revokes an existing will unless it was written specifically in contemplation of that marriage, so this is not simply a case of updating your wishes - your old will may no longer be valid at all and a new one will need to be drafted, signed and witnessed.

Birth Or Adoption Of A Child

A new arrival brings plenty of joy and a good deal of upheaval, and it is easy for estate planning to slip down the to do list. But this is one of the most important moments to review your will. Make sure it includes provisions for your child's financial support and, crucially, names a guardian. 

Divorce

Do not assume that divorce automatically removes an ex-partner from your will. This is the case in some jurisdictions, but is far from universal, and the rules differ between countries and even between US states. Divorce is a major life event that calls for a full will review, and it is usual to remove a former spouse and adjust how your assets are distributed.

Significant Changes In Assets

Buying a property, receiving an inheritance or seeing a meaningful increase in your wealth can all change how you want your estate distributed, and may point towards setting up a trust or another structure to manage things effectively. This is worth discussing with a financial adviser who can talk you through whether a trust is right for your circumstances and how to set one up.

Relocation To A New Country

Moving abroad can have significant legal implications for your will. Succession law varies considerably between jurisdictions, and a will that works perfectly in one country is not guaranteed to hold up in another. If you have relocated, it is worth reviewing your will with a cross-border specialist who can advise on validity, enforceability and whether you need more than one will. 

Death Of A Beneficiary Or Executor

If someone named in your will - a beneficiary or an executor - has died, this needs prompt attention. Your will should be updated to reflect the change so there is no ambiguity when it matters most.

Changes In Tax Law

Tax rules shift more often than most people expect, and inheritance tax in particular can change with little notice. Reviewing your will against current tax law, in both your home country and your country of residence, helps ensure your estate is managed as tax-efficiently as possible.

Major Health Changes

A serious diagnosis or a general decline in health is difficult enough without wondering whether your affairs are in order. Reviewing your will at this point, alongside documenting your healthcare wishes, can offer real peace of mind and lift some of the burden from your loved ones.

Multi-Juridictional Estate Planning

If your life, assets or family span more than one country, there's a further layer of complexity worth understanding on its own. Different countries apply different succession rules, which can mean part of your estate is distributed in ways you never intended, and probate or tax can end up running twice over. We explore this in more detail here

Have you experienced a major life event recently without reviewing your will? If so, now is a good time to act.

Hoxton Wealth's advisers can offer personalised guidance on wills, estate planning and giving within your lifetime, wherever in the world you are based. Make sure your will reflects the life you lead today and the legacy you want to leave behind.

Contact us today to arrange a conversation about your will and estate planning.