5 Things That Can Affect Your Will

If you've made a Will, you might wonder whether or not it will always be valid. On the whole, a last Will and Testament is legally binding, and the wishes set down in it must be carried out upon a person's death. However, it worth knowing that there are five major factors which can affect the legitimacy of a Will.

The 5 things that can affect your Will are:-

1. Marriage.

A Will created prior to getting married will become invalid upon the exchange of vows.

The only exception to this rule is when there is a special request made within the Will stating it should remain valid, even after marriage. So, for example, if you are making a Will and you are aware you will be getting married soon, then it is possible to make special provision stating that the Will should endure. If this is not done, however, then a new Will should be made.

2. Divorce.

Unlike with marriage, divorce does not invalidate the entire Will. What is does, however, is to revoke all elements which name your spouse as a beneficiary.

Additionally, upon divorce your former husband or wife will not be allowed to act as Executor of your estate when you die. If you divorced partner is the only Executor named in your Will, then the rule of intestacy will apply in order to establish who is responsible for administering your estate.

As with marriage, you can specify in your Will that you would like your spouse to still be a beneficiary or Executor, even if the marriage does end in divorce.

3. Changes To Your Estate.

If there have been any major changes to your estate, then it probably won't invalidate your Will, but it is likely alter the outcome where the administration of your estate is concerned.

For example, you might sell some possessions or lose a large amount of money that you have allocated in your Will to beneficiaries. If you then do not adjust your Will accordingly then problems will arise when administering the estate, as Executors must face having to distribute assets that are no longer available.

Therefore if you have experienced any changes to your estate, it is crucial to have your Will updated. Otherwise, some beneficiaries may miss out and your wishes are not carried out how you intended.

4. Changes To Tax.

It is crucial to keep an eye on taxation changes, as this can affect the amount of money left after you pass away. In some cases, people do not consider the influence tax can have on their assets after death, meaning their estate incurs unforeseen losses.

You should particularly take into account whether or not you are eligible to pay Inheritance Tax (IHT). If have taken measures to minimise the amount of IHT you must pay, then you should remember that not only would a change in rates negate your preparations, but also that you might then have to pay other taxes (such as Capital Gains Tax).

By staying informed on how tax rates may affect your Will, you can make the most out of your assets, meaning your beneficiaries are left in the best possible position.

5. Changes in Executors or Beneficiaries.

It is possible that an Executor named in a Will is no longer available to carry out their duties. For example, ill health may mean they are unable to administer an estate, or they may even have passed away before you.

In these cases it is vital that you change your Will, otherwise it is possible that the rules of intestacy will apply after your death. Similarly, if a beneficiary dies before you, then this is likely to affect the distribution of your estate.

Summary.

If you are unsure whether or not your Will has become outdated by the changes in your life, you should contact a legal expert. A solicitor will be able to advise upon any amendments that may be needed, giving you the peace of mind that your wishes will still be carried out after you are gone.

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