If you are separating or going through a divorce, you need to consider either making a Will or updating any existing Will to allow for your new circumstances. Both marriage and divorce will invalidate any existing Wills so you will need a new Will to ensure that your assets and estate go to the people or charities you wish to benefit.
If you do not make a new Will, any existing Will may be challenged in Court. You can also draw up a letter of wishes to go with a new Will explaining why you have divided your assets, e.g. in giving more money to a lower earning child or one with special care needs.
If your surviving spouse decides to re-marry in the future after your death, you can protect the interests of your children to ensure that they still receive a share of your property by way of a Life Interest Trust.
If you leave no Will or an invalid Will, your assets will be divided according to the Intestacy Laws. This may mean that the partner you are separated from may inherit assets you would prefer to go to your current partner. Intestacy Laws make no allowance for step-children.
A recent attempt to challenge a Will demonstrates why you need to keep your Will up to date. A Scottish man separated from his wife and each signed an agreement that they would make no financial claim on the other. The man started a new relationship but did not divorce his wife. He did not alter his Will, which left everything to his wife, either.
Three years after their separation, the man died suddenly. His mother and children sought to challenge the Will. However, the Court confirmed the Will was still valid even though it had not been updated to reflect his new circumstances.
If you would like to make a Will, please call 01858 445480 now or complete one of the on-line forms. You can make an appointment at any of our branches in Market Harborough, Wigston or on Uppingham Road in Leicester. We can also arrange a home or hospital visit if you are unable to attend any of our offices due to your ill health.
