Families come in all different shapes and sizes which is why it’s so important your estate reflects any changes in family dynamics so that all your beneficiaries are accounted for.
The dynamics within your family can change so quickly which can be tricky for estate planning, but regularly updating your Will helps combat that problem.
An outdated Will could provide further challenges which is why you need to closely monitor any changes within your family and reflect those changes.
What are examples of family dynamic changes?
The typical dynamic changes within a family are births and marriages. It’s important to note that if you remarry at any stage of your life, your Will is automatically revoked, so you will need to create a new Will.
Naturally, your family grows as your children leave the nest, find partners and possibly have children of their own.
The newest additions to your family will cross your mind when you are organising your estate and updating your Will.
It’s important to include them if you want them to receive something, whether that is a gift, cash sum or particular asset otherwise they miss out if your Will is outdated.
In addition to this, while some family dynamic changes are joyous and celebratory, others can be the polar opposite which also means you may need to update your Will.
Family bereavements and divorce also examples of dynamic changes within a family. If your former spouse or the former spouse of your children is included in your Will, you will need to update your estate plan.
Similarly, if a beneficiary within your estate has passed away, you will need to look over your Will and update it accordingly to ensure their entitlements are removed and distributed to other beneficiaries.
What are the risks of not updating my Will?
There are plenty of risks involved if you choose not to update your Will. It must reflect your feelings and account for all family and friends you want to share something with.
Not updating your Will could mean that beneficiaries no longer part of your family, such as former spouses, that are in your most recent Will can claim their inheritance.
In addition to this, further problems can arise if a death has not been accounted for. If a beneficiary has passed away and they are included in your estate, this could lead to potential disputes as there wouldn’t be clarity on who receives the inheritance.
There are solutions available to combat this, such as including backup beneficiaries for certain assets if, for some reason, your primary beneficiary cannot claim.
You can insert a clause in your Will that stops elements of your estate from becoming intestate. This would be a good option especially if the assets are of significant value.
You also run the risk of missing out beneficiaries that you wanted to include in your Will. Your most recent Will may not account for recent births and marriages.
Help is available if you want to update your Will
Looking at your current Will and estate plans is a great place to start, as you can check to see if it’s up to date and also includes the people you want it to.
We know how precious family is to you, which is why you need to be sure all are accounted for in your estate.
There is always support available to help update your Will, whether it’s for exciting new arrivals or the loss of a loved one, the Palmers team is here for you. Ensure your Will is up to date by contacting us for expert advice and support.
