Lodders LLP blog highlighting valuable lessons learnt if you don’t update your Will.
Lodders LLP have written a great blog about updating your Will.
Katie Price teaches a valuable lesson in updating your will
Last week, on an episode of TV show Loose Women, television personality and former glamour model Katie Price revealed that she had not made a new will since her marriage to Peter Andre, indicating that a large share of her estate would be left to him if she were to die.
The episode of the ITV lunchtime show saw a panel discussion surrounding parents making care provisions for their children if they were to pass away. Whilst discussing this topic, Katie admitted that she had not made any changes to her will since her marriage to Peter, which came to an end in 2009. Under this will, both Peter and her three eldest children would benefit. On the show, Katie suggested that if she were to die, Peter would still be a beneficiary under her will.
How will a divorce and remarriage affect your will?
The first point to note here is that because Katie and Peter divorced, any gift to him under her will would automatically be declared invalid. The divorce did not affect the entirety of Katie’s will, just the gift to Peter. Following on from this, Katie’s subsequent marriage to Alex Reid would then have revoked her entire will, leaving her in the same position as she would have been if she had not made a will in the first place, i.e. leaving her whole estate to be dealt with in accordance with the Rules of Intestacy.
Moving forwards to the present day, Katie has subsequently married Keiran Hayler. As Katie has not yet updated her will, her estate would still be administered in accordance with the Rules of Intestacy. This means that Keiran would receive the first £250,000 of Katie’s estate, all of her personal possessions and then from the remainder of her estate, he would receive 50% outright. The remaining 50% of the estate would then pass to Katie’s five children in equal shares, once they reach the age of 18 years.
What does this example prove?
To all those whose circumstances have changed and who have not updated their will, this situation should serve as a timely reminder that if your wishes are not documented, your estate will not necessarily be administered as you would choose. The most important thing to take note of is that any change in your circumstances such as a divorce, remarriage or even the acquisition of assets or an inheritance should trigger a review of your will. This will ensure that the distribution of your estate is dealt with in accordance with your wishes.
For more information about Wills and Cobalt’s Make a Will month which Lodders LLP are kindly supporting, check out our Make a Will month pages.