Don’t Let Your Property Fall into the Wrong Hands: Update Your Will After Buying a Home
Owning a property is likely to be one of the most significant financial decisions you’ll ever make. Whether you purchased your home recently or some time ago, ensuring that your Will accurately reflects your property ownership is crucial. This often-overlooked step is vital to protect your assets and ensure they are distributed according to your wishes.
Reflecting Your New Asset
Chances are that your property is likely one of your most valuable assets. Whether it’s your first home, a second property, or an investment, it’s essential to include specific instructions in your Will about what should happen to it after you pass away. Without updating your Will, your property might not be distributed according to your intentions, leaving your loved ones uncertain and potentially unprotected.
Adjusting Beneficiaries and Provisions
When you own a home, it’s important to reconsider who you want to benefit from your estate. You might decide to leave your home to a specific family member or ensure that your partner or children have the right to live in it after your death. Updating your Will allows you to clearly express your wishes and avoid any potential disputes or misunderstandings later on.
Selling a Property
If you’ve sold a property that was mentioned in your Will, it’s crucial to update your Will to reflect this change. Outdated references to a property you no longer own can create unnecessary complications during the probate process, potentially causing confusion and stress for your beneficiaries.
The Impact of Family Changes
Buying a property can often coincide with major life events, such as getting married or welcoming a new family member. These changes are also key moments to review your Will. You may need to add new beneficiaries, such as a spouse or children, or rethink how your assets are divided to ensure your growing family is well taken care of.
Regularly Reviewing Your Will
The UK government recommends reviewing your Will every five years or whenever significant life changes occur1. This includes buying or selling property, experiencing family changes, or significant financial shifts. Regularly updating your Will ensures that it accurately reflects your current wishes and circumstances.
Protecting Your Loved Ones
Keeping your Will up to date is one of the most important things you can do to protect your loved ones and ensure your estate is managed according to your wishes. It can provide peace of mind, knowing that your property and assets will be distributed as you intend.
If you’ve recently made changes to your property portfolio, or if it’s been a while since you last reviewed your Will, now is the perfect time to act. Don’t leave it to chance—contact us today, and we can refer you to one of our partners who can help you update your Will and safeguard your family’s future.
Sources
- Gov.uk (2024) Making a will. Available at: https://www.gov.uk/make-will/updating-your-will [Accessed 22 Aug 2024]
All the information in this article is correct as of the publish date 29th August 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
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