Life is a journey of change, growth, and connections, and undoubtedly relationships evolve over time. When it comes to estate planning, particularly your Will, it's crucial to ensure that it accurately reflects your current circumstances. Whether you're in a new relationship, have recently married, or have experienced a change in your partnership status, updating your Will is an essential step to secure your partner's future.
Your Will serves as a blueprint for how your assets and possessions will be distributed after your passing. Without one you are leaving it to the law to decide how this should be split, and this may not be in line with your wishes. Failing to include your partner if you are not married can lead to legal complications and potential disputes down the road. Likewise, not updating your Will following a separation could mean that your assets end up with an ex-partner. Some reasons to have a Will if you are in a relationship:
- Financial Security - including your partner in your Will ensures that they are provided for in the event of your passing. In Scotland, if you are not married, without a legally recognised inclusion, your partner might not have a rightful claim to your assets – even if you have been living together for a long time.
- Clarity - an updated Will provides clarity regarding your wishes. It is good to talk and have what might seem like a difficult conversation. Being open about your plans and wishes eliminates confusion among family members and beneficiaries, preventing potential conflicts during an already emotionally challenging time.
- Protecting your relationship - including your partner in your Will reaffirms your commitment and care for them. It's a tangible way to demonstrate your love and provide for their well-being even when you're no longer present.
If you're starting a new chapter with someone special, it's wise to make a Will to ensure that your partner is considered in your estate plans. Remember also that if your partnership status changes due to divorce, separation, or the end of a domestic partnership, you should also revisit your Will to reflect your new circumstances. Your journey together is unique, and your Will should reflect that love and commitment. WeWill is here to support you every step of the way.