A Will is a legal document which records your intentions as to who receives your assets, who will manage your affairs and who will look after your children after your death.  If you do not have a Will at the time of your death, the above matters will be determined according to the laws of intestacy (i.e. having no wills). The manner of distribution under the "no-will" laws may not match your intentions.

When to Make a New Will ?

An existing will can be replaced by a new will. People make a new will because of the following possible reasons:-

• having just got married. Marriage revokes all earlier wills. No will may be needed.
• separation with the spouse, divorced or spouse's death.
• having a new child.
• having a big fortune e.g. inheritance, mark-six lottery winning.

Real-Life Scenarios Illustrating the Impact of Life Events on Wills

Scenario 1: Just Got Married – Marriage Revokes All Earlier Wills

Background: Jenny and Tom have just got married. Jenny had a will made several years ago, leaving her assets to her siblings.

Implication: According to Hong Kong law, marriage revokes all earlier wills unless the will explicitly states that it was made in contemplation of marriage. Therefore, Jenny's existing will is no longer valid.

Outcome: Jenny and Tom need to create new wills to reflect their current wishes. Jenny can now decide how she wants to distribute her assets, considering her new marital status. It is advisable for both Jenny and Tom to seek legal advice to ensure their new wills are comprehensive and valid.

Caveat: Newlyweds should review and update their wills as soon as possible after marriage to ensure their wishes are legally documented.

Scenario 2: Separation, Divorce, or Spouse's Death

Background: After five years of marriage, David and Laura decide to separate. They later get divorced, and a few years after the divorce, Laura passes away.

Implication: During the separation and divorce, any wills that David or Laura had, leaving assets to each other, would need to be reconsidered. After the divorce, if Laura did not update her will, it might still include David as a beneficiary, which might not reflect her current wishes.

Outcome: David and Laura should both update their wills post-divorce to reflect their new circumstances and wishes. If Laura did not update her will before passing away, the distribution of her estate might not align with her current wishes, potentially leading to disputes among surviving family members.

Caveat: It is essential to update your will immediately after significant life changes such as separation, divorce, or the death of a spouse to ensure your estate is distributed according to your current wishes.

Scenario 3: Having a New Child

Background: Alex and Maria just welcomed their first child, Lucy. They previously created wills when they got married.

Implication: The birth of a new child significantly impacts estate planning. Alex and Maria need to ensure that their wills reflect their new family situation and provide for Lucy's future.

Outcome: Alex and Maria should update their wills to include provisions for Lucy's guardianship, financial support, and inheritance. This ensures that Lucy is taken care of according to their wishes if anything happens to them.

Caveat: Parents should review and update their wills whenever they have a new child to ensure their child's future is protected and their estate planning is up to date.

Scenario 4: Receiving a Large Fortune (e.g., Inheritance or Lottery Winning)

Background: Mark recently won the Mark Six lottery, receiving a substantial amount of money. He and his wife, Lisa, have existing wills.

Implication: A sudden increase in wealth requires re-evaluation of their wills to ensure the new assets are appropriately protected and distributed.

Outcome: Mark and Lisa should update their wills to reflect their new financial situation and determine how the new assets will be distributed in the event of their deaths. This includes specifying beneficiaries and any specific wishes for the distribution of their newfound wealth.

Caveat: Major financial changes, such as receiving an inheritance or lottery winnings, necessitate immediate updates to wills to protect the new assets and ensure they are distributed according to current wishes.

These scenarios highlight the importance of regularly reviewing and updating wills in response to significant life events. Seeking legal advice is essential to ensure that these documents remain valid, comprehensive, and reflective of current circumstances.