If, however, you have made a Will, that is great news! However, are you aware that changes in your circumstances can affect your Will?
Can marriage affect a Will?
The short answer is yes! If you are getting married, or entering into a civil partnership, then you should consider changing your will as marriage automatically revokes a Will leaving it invalid.
This means that your estate, that is all of your assets, will be dealt with under the intestacy rules. These rules state that, depending on the size of your estate, your spouse will receive up to £250,000, with the rest being split between your spouse and any children you have. If you do not have children, then the surviving spouse will receive everything.
If these are not your wishes and you are about to enter into a marriage or civil partnership, it is vital that you change your Will.
If you have not set a date but intend to get married in the future then you can make a Will in contemplation of marriage or civil partnership. This means that the Wills do not become invalid following the marriage or civil partnership ceremony.
What happens if I am separated but have not got divorced or dissolved my civil partnership?
If you have not finalised the divorce or dissolution then your Will still stands and that includes all gifts to your spouse or civil partner. If you want your children or friends to benefit then it is important to review the Will when you become seperated as it may not follow your wishes.
The affects of divorce or dissolution of a civil partnership on a Will.
A divorce or dissolution does not render your Will null and void. In this sense it is different to marriage. However any gifts in the Will to the former spouse will fail and any appointment of the former spouse as executor will also fail. The Will takes effect as if your former spouse had died before you. But be wary, if your former spouse is the sole beneficiary, then you get divorced, note that all your estate will pass under the intestacy rules so it is a good idea to make a new Will in any case.
In summary, it is important to review your Will in all stages of your life but particularly when you are in the midst of life changing events.
If you would like additional information on this article, please contact us on 01905 721600.