Why is it Important to Review your Will?

Families come in all shapes and sizes these days and we’re constantly saying that Wills should not be one size fits all, but what do we mean when we say that?


Let’s look at some typical examples:


Sally and John


Sally and John are childhood sweethearts, they met in school and went on to get married and have two children.


They own their home and have a rainy day fund in the bank.


After discussing their estates, and understanding what options are available, they decide that they want each other to inherit on the death of the first spouse, and once they’ve both passed, their children should inherit their estates.


Ok, let’s look at another example:


Nicola and Robert


Nicola and Robert also met in school, went on to get married and have two children. Sadly, Nicola and Robert’s marriage ended some time later and they both remarried and have children from their second marriages also.


Nicola is now married to Mark and Robert is married to Maureen.


Both Nicola and Robert do not have Wills.


Below is an example of what could happen in this case.


When Nicola dies, her estate passes to Mark, her second husband. Mark then dies, also without a Will, leaving his estate to his children. Nicola’s two eldest children are not biological children of Mark and therefore not entitled to anything from Mark’s estate regardless of the fact that Nicola’s assets passed to Mark first.


Additionally, when their father Robert dies, his estate passes to Maureen and when Maureen dies, her estate goes to her biological children. Again, the two eldest children do not receive any inheritance from either parent.


Making a Will can prevent this scenario and is something that we often help clients navigate.


If you need to write or update your Will get in touch with Kindred Estate Planning today.