In modern society our family circumstances are more diverse than ever. Increasing numbers of people are considering remarriage and a new term ‘blended’ families has been introduced for those households bringing up children from previous relationships together. When your family circumstances change it is imperative to consider the position of your Will.
Recent research has revealed that nearly two thirds of adults in the UK have not prepared a Will. Perhaps more concerning is that a recent poll has also suggested that over 1 million people have unknowingly revoked their will through remarriage. This means that those remarrying and entering into new family circumstances could fail to make adequate provision for their new family members. To avoid this situation it is advised that you review your Will every five years and instruct a solicitor to draft a new Will for you upon remarriage. This avoids the risk of someone benefitting from your estate that you did not wish to.
What should be changed in your Will?
The key thing to consider from the outset is your particular family circumstances and who, from each side of the family, you want to inherit each asset within your estate. Your Will can dictate these decisions as well as any charities you wish to donate to, your funeral wishes and many other key decisions. Depending on which members of the family you are leaving assets for, you may also want to consider putting a Trust within your Will to provide for future generations or for those who are under 18 or who may be in a vulnerable situation.
As well updating or creating a Will, you should also consider keeping an open dialogue with your family members, despite this often resulting in difficult conversations, to ensure that family members are clear on your wishes. This ultimately means there is less likelihood of a family dispute after your death and gives you peace of mind knowing that those who you expect to benefit will inherit what you intended.
For more information on updating your Will or creating a Will following a remarriage, please contact Helen Kelly in our Wills, Trusts & Probate team on 0161 475 7685.