Changing your Will
It is not unusual that a person may wish to change their Will. Changing your Will may be advisable as a person’s circumstances and relationships change over their lifetime. They accumulate assets and their financial circumstances change.
You can change your Will by the following:
- By making a new Will: By creating a new Will this will cancel your current Will.
- By making a Codicil: A Codicil is an addition/extension to your original Will. A Codicil can be useful when you want to add, change or delete any part of your Will. If you wish to make a number of changes to your Will it is advisable to complete a new Will.
Reasons for changing your Will include:
- Following marriage/remarriage: It is important to note that marriage revokes a Will but that separation/divorce does not.
- Following a separation/divorce: After separation, it does not mean that your spouse automatically loses their right to the his/her legal right to a share of your estate. This depends on the terms of a separation/judicial separation agreement, or divorce.
- When entering into a civil partnership, as it revokes your previous Will.
- For couples having cohabited for a long period of time.
- Following the death of a spouses: if you left a significant proportion of your estate to your spouse in your Will, you will need to update your Will.
- After the birth of a child: You will wish to change your Will to provide for the child and also to appoint Trustees and Guardians for your child in the event that something should happen to you and your spouse.
- Following the death of one of your heirs: If your heir dies before you, you may need to change your Will.
- If your assets have altered significantly, whether it’s because the value of the asset has changed significantly or you may no longer own an asset or you may have acquired additional assets.
If you need any assistance or advice with changing your Will , please contact us today on 094 9024116. Alternatively you can email us at reception@paulomalley.net.
