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There are many factors which can impact on your will whether it be ensuring it is valid and to have peace of mind that your beneficiaries benefit just as you intended. Our experts at Swansea Legal Solutions has identified the main factor you need to consider and when you may need to change your will too.
Ensuring Your Will is Valid
There are various factors that can affect the validity of a person’s will and the most common are as follows:
- A person must be over 18 years of age to create a valid will in the UK.
- A person must have the mental capacity to make a will. If someone lacks the mental capacity to make a will, any will they make may be invalid.
- If a person is unduly influenced by someone else when making their will, this can affect the validity of the will.
- If a mistake is made in a will, this can affect its validity. For example, if a beneficiary’s name is misspelled or if the will is not properly executed.
- · If a will is fraudulently created or altered, this can affect its validity.
- It’s also important to note that, if a beneficiary named in a will dies before the testator (the person making the will), this can affect the distribution of the testator’s assets.
Buying a Property
If you purchase a new home, this can potentially affect your will, particularly if you have made specific bequests of real estate in your will or if your new home has a significant impact on your overall estate. If you have made specific bequests relating to property in your will, such as leaving your current home to a particular beneficiary, purchasing a new home could impact the distribution of your assets. In such a case, you may need to update your will to reflect your new circumstances.
Additionally, if your new home has a significant impact on the value of your estate, this could also impact the distribution of your assets. For example, if your new home is worth significantly more than your previous home, you may want to consider updating your will to ensure that your assets are distributed in a way that reflects your new circumstances.
Having a property abroad can also potentially affect your will, particularly if you have made specific bequests of real estate in your will or if the laws of the foreign country where the property is located impact the validity or interpretation of your will.
If you have made specific bequests, such as leaving your property abroad to a particular beneficiary, you may need to update your will to reflect your ownership of the foreign property.
Additionally, the laws of the foreign country where the property is located may impact the validity or interpretation of your will. For example, some countries may require that a will be executed in a specific way or that certain formalities be followed. Some countries may also have laws that impact the distribution of assets upon death, which could conflict with the terms of your will. In such cases, it may be advisable to seek the advice of a legal professional who is familiar with the laws of the foreign country where your property is located.
Having Children
Having children can certainly affect your will, as it is natural for many people to want to provide for their children in their wills. If you have children, you may want to consider appointing a legal guardian for them in the event that you and your spouse or partner both pass away while your children are still minors. This can be done through your will, and it can provide peace of mind that your children will be cared for by someone you trust.
Additionally, you may want to consider leaving specific bequests to your children in your will, such as a particular asset or a certain amount of money. This can ensure that your children’s futures are provided for and can also help to prevent potential disputes among family members.
If you have had children since you last created your will, it is important to update it to reflect their existence and to ensure that your wishes regarding their care and inheritance are accurately reflected in your will.
It’s always a good idea to review and update your will periodically, especially after major life events such as having children, to ensure that it accurately reflects your wishes and current circumstances.
Getting Married or Divorced
Marriage and divorce can also affect your will, as they can have a significant impact on your life circumstances and estate planning goals.
If you get married, any previous wills you have made will become invalid. This is because marriage automatically revokes any wills made before the marriage, unless the will was made in contemplation of the marriage. Therefore, if you get married, it’s a good idea to review and update your will to ensure that it accurately reflects your current wishes.
Conversely, if you get divorced, any provisions in your will that relate to your former spouse may be affected. It’s a good idea to review and update your will after a divorce to ensure that it does not inadvertently leave assets to your former spouse.
Swansea Legal Solutions
It’s always a good idea to review and update your will periodically to ensure that it accurately reflects your wishes and current circumstances and to ensure the document is valid. Swansea Legal Solutions is currently offering a free will for every LPA taken out during the month of April. Call us today on 01792 420844 to book an appointment.
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