LEGAL EAGLE: Don't forget to keep your will up to date
TV star Katie Price was shocked in a recent TV programme to discover than her ex-husband Peter Andre may still be in line to inherit her fortune seven years after her divorce.
Katie revealed that she has not changed her will to include her new husband and the youngest children.
She admitted it had never occurred to her to bring her will up to date.
She has made only one will despite having two divorces, three husbands and five children.
Katie is believed to be worth millions as a result of her TV and beauty deals.
Katie was heading off to see a solicitor after the TV chat show got her thinking.
It is vital to keep your will up to date.
Divorce, marriage and new children are all good reasons to update your will.
Once written a will can become out of date if your circumstances change with disastrous consequences.
Keeping a will up to date is almost as important as writing one in the first place.
Not many people are aware that marriage automatically cancels all previous wills so it is vital to make a new to deal with this.
Wills are not just about money and property. They are essential if you have children under 18.
Prudent parents should appoint guardians for children. Guardians appointed by will automatically then have the status of parents if the natural parents die.
You have the opportunity in your will to pick guardians that you trust for your children.
If you don’t appoint guardians then there could be a tug of war between different family members in court.
The court may be convinced to hand over the children to people who may not be your first choice or the children’s own first choice.
Don’t leave things to chance.
Check your will is up to date regularly.
If it is not then make a new one without delay.
l Cliff Veitch is a partner specialising in wills. You can call for an appointment to make a will on 0191 243 8167 or email [email protected]