As much as your Will might have been “future-proofed” as far as possible, personal circumstances often change so we suggest reviewing your Will every 3 to 5 years or when one of the following events happen in your life.
- You get engaged
- You get married, or register a civil partnership (see below)
- You separate or divorce (see below)
- You remarry (see below)
- You move house
- You move abroad
- You become a parent or grandparent
- You assume guardianship of a child
- Your children reach the age of 18
- Your children marry
- Your children divorce
- You inherit money or property
- You start up your own business
- You sell a family business
- You retire
- Your spouse or partner dies
- An executor, trustee or guardian dies
- Another family member dies
- A beneficiary dies
- There are significant changes in your physical or mental health
The life events most likely to affect your Will are divorce and remarriage.
According to the Office of National Statistics, 42% of all marriages in England and Wales will come to an end through divorce. Of those, 60% occur before the couple’s twentieth wedding anniversary. And 50% of divorcees will go on to remarry or form civil partnerships. Modern society is seeing rising numbers of stepfamilies and blended families, in which parents are raising children of a widening age range from multiple relationships and navigating the emotional, practical and financial issues that these raise.
We have expertise in designing and executing estate planning which balances the needs of all the children of the family, acknowledging what each spouse has brought to the marriage and ensuring that the (potentially competing) needs of former and subsequent spouses are catered for. A number of issues arise during what is often a delicate and emotive process.