Having made your Will is a great first step. It may be, however, that your circumstances change over a period of time which may affect your Will:
- Marriage invalidates all Wills before the date of the marriage unless it is expressly stated in the Will that the intended marriage shall not revoke it.
- Divorce does not invalidate a Will. However, after a decree absolute (not decree nisi) any appointment of the former spouse as an Executor or Trustee is treated as omitted and all gifts to the former spouse have no effect.
- Separation from a spouse without a divorce or annulment has no effect on the spouse’s rights no matter how long the separation has lasted.
- Cohabitation – a cohabiting partner who has not registered a civil partnership is not normally entitled to anything unless they are specifically mentioned in the Will or they can show dependence.
- Assets – a significant change of assets may require their identification and consideration given to their disposal.
- Birth and Deaths – the birth of a child or death of a beneficiary may alter how the estate is to be distributed. At the same time the death of a potential guardian may also require another to be appointed.
- Business – starting your own business or becoming a shareholding director or partner in a firm will require consideration to be given as to how your interests are to be evaluated, maintained and disposed of.