In Focus: Tax  

What every 40-year-old should know about wills

Charlotte Isherwood

Charlotte Isherwood

With divorce rates increasing around the world and relationship experts warning that pandemic-induced break-ups are still increasing, it is little surprise that divorce is another topic of consideration.

While a will remains valid if you get divorced after it was made, your ex-spouse will be treated as if they had died before you and will no longer act or benefit under your will. It’s therefore advisable to review your will and write a new one.

Things get a little more complicated if you separate but remain married, and it is important to discuss any existing Will or making a new Will in this situation.

In any event, wills should be reviewed at least every five years to ensure they remain aligned with your wishes and continue to be valid.

So, what should every 40-year-old know about making a will?

Well, hopefully the above goes some way towards highlighting a few of the main points; what happens when there is no will, how best to ensure assets pass in accordance with wishes, what happens to any minor children, and the impact of marriage and divorce.

Ensuring your will is up to date, reflects your situation and is reviewed regularly is essential, as English Court statistics show that people are increasingly disagreeing over a loved one’s assets.

It can be a difficult subject to approach, but 40 is a great time to get estate planning affairs in order, write a will or review your existing one.

Charlotte Isherwood is wills and probate solicitor at Zedra