Updating Your Will

When is it time to update your Will?

Creating a Will is a crucial step in crystalising your wishes for the distribution of your assets after you pass away. However, many people underestimate the importance of regularly reviewing and updating their Wills to reflect changes in their lives. Life is unpredictable and what may have been an appropriate Will when first drafted may not reflect your wishes further down the line.

Why You Should Update Your Will?

If your circumstances or wishes change it becomes paramount that you review and potentially update your Will, because if you die without updating any new instructions won’t be carried out and your estate may not pass as you intend.

There are a number of scenarios that should trigger a review and potential update of your Will: -

·         Marriage or entering into a Civil Partnership

·         Divorce or Dissolution of a Civil Partnership

·         Having children or adopting children

·         The death of a beneficiary or executor

·         The accumulation of new and financially significant assets

·         Changes to inheritance law and tax regulations

·         Buying a house or business

Furthermore, as you progress through life your relationships with family and friends will evolve. This could create situations where you would need to adjust your Will and your plan according to how these relationships develop. We therefore recommend that you review your Will every 5 years to assess whether it truly reflects your current wishes.

How to update your will?

There are two options in terms of updating your Will. You can either create an entirely new Will to reflect your new wishes or, if the changes are minimal, a Codicil could be used to change certain aspects of your current Will. This is a decision that you can contemplate in a conversation with a solicitor who can advise the pros and cons of each route.

Can Beneficiaries change the Will?

Whilst you are alive your beneficiaries cannot change your Will even if they possess Power of Attorney for you. However, once you have passed away, they could sign a Deed of Variation to alter their inheritance, but only for the portion of the estate that they are due to inherit (for more information on Deeds of Variation see blog post titled Estate Planning Strategies – Deed of Variation).

If your current Will is no longer accurate or you would like to review and update your Will, our Wills and Probate Department is on hand to assist and guide you through every stage of the process. For more advice, please contact us on 01925 263273.

The contents of this post do not constitute legal advice and are provided for general information purposes only.