Major life changes can happen in the blink of an eye, whether it’s a divorce, the passing of a loved one, or a new addition to your family. During such emotional times, your will is often the last thing on your mind. However, reviewing and updating your will after significant life events is an important step to ensure your estate continues to reflect your current wishes and circumstances.
In this blog, our experienced Wills, Estates and Trusts team explains why keeping your will up to date is so important, and how major life events can impact your estate plan.
1. The Death of a Spouse
Losing a spouse is one of life’s most difficult experiences. Even if you and your spouse created mirror wills (wills that mirror each other’s intentions), it’s wise to revisit your will after their passing.
Here are a few reasons why:
Your estate may have grown.
When your spouse passes away, you may inherit additional assets from their estate, increasing the overall value of your own estate. Updating your will ensures your new asset structure aligns with your current wishes and maximizes benefits for your beneficiaries, such as your children.Personal items may require redistribution.
If you’ve inherited sentimental possessions, such as jewelry, heirlooms, or keepsakes, you may want to specify who should receive these items directly. This helps prevent misunderstandings and ensures meaningful items are passed on intentionally.Simplify administration for your executor.
If your will previously directed assets to your spouse, your executor may now need clearer guidance on how to distribute your estate. Updating your will provides a straightforward plan for your executor to follow, reducing confusion and administrative burden later on.
2. The Death of a Child
The loss of a child not only affects your family deeply but it also has an impact on your estate plans. If a child predeceases you, their designated share in your will may need to be reconsidered. You may wish to:
Redistribute their share among surviving children or other beneficiaries.
Designate that their share passes to their children (your grandchildren).
Adjust any trusts, guardianship provisions, or charitable bequests that were connected to your late child.
Revisiting your will ensures it continues to represent your family’s current structure and intentions.
3. The Birth of Grandchildren
When you first wrote your will, you may not have considered the possibility of grandchildren. Updating your will to include them allows you to:
Specify that if your child predeceases you, their share will go to their children (your grandchildren).
Leave specific cash gifts or bequests directly to grandchildren, a growing trend among families who want to help support future generations.
These updates not only ensure your legacy continues in the way you intend but can also help minimize disputes or confusion among family members.
Keeping Your Will Current
At the end of the day, births and deaths within your family, and any other significant changes to your personal or financial circumstances, can make it necessary to review and redraft your will.
An updated will ensures that:
Your estate plan reflects your current wishes.
Your executor can carry out your intentions clearly and efficiently.
The probate process is smoother and less stressful for your loved ones.
Even if it feels like a small step, revisiting your will after a major life change can make a world of difference for your family’s future.
Need guidance? Contact us today and our experienced Wills, Estates, and Trusts Lawyers can help you review, update, or redraft your will to reflect your current situation and ensure your loved ones are protected.
The content provided here is intended for informational purposes only and is not a substitute for legal advice. Individual circumstances vary, and you should consult a lawyer to obtain advice tailored to your situation. For further guidance, please contact a qualified legal professional.
