Why You Should Update Your Will

A Will is one of the most important documents you’ll ever write. However, all too often, they’re rarely reviewed or updated but are left to gather dust and forgotten about. Unfortunately, that’s usually a big mistake. That’s because lives, finances and family structures change. People frequently relocate, buy another property, or downsize. So, here’s a short list of reasons why you should update your Will:

1. Marriage, Separation & Divorce

Marriage – If your Will was made before you married, then it’s likely that it’s now invalid, as getting married voids any existing Will.

Divorce – Conversely, while divorce doesn’t necessarily invalidate your Will, it does prevent your former spouse from benefiting under the Will.

Cohabiting – You must think very carefully about what provision you make for your partner after your death because, under current legislation, cohabitees don’t automatically inherit. There is no such thing as a common-law spouse.

2. Births & Deaths

Grandchildren or Stepchildren – The arrival of a new baby rarely prompts a doting grandparent to update their Will. However, if you want to remain evenhanded, especially if you’ve already included others, you must change your Will. Additional stepchildren and grandchildren aren’t automatically added.

Legal Guardians – Naming legal guardians for your children in a Will is vital for any new parent. A surviving parent is automatically responsible for the child or children, but if both parents die before age 18, a guardian takes over parental responsibilities. If you haven’t named a guardian (or two) in your Will, a guardian is appointed by the court.

Beneficiaries – If a named beneficiary in your Will dies, you should remove their name and specify who should now receive this inheritance.

Executors – If an Executor dies before you do, then any joint or replacement Executor, under the terms of your Will, takes over the role. However, you should update your Will if an alternative isn’t specified.

Close Bereavement – Losing someone close to you often impacts your Will. For example, if they have children from a previous relationship, their estate will not always pass automatically to them.

3. Financial Changes

Moving House – If you move it’s best to discuss how the property is owned and understand what happens to your share when you die. Alternatively, if the value of your property has changed significantly, you should ensure that specified gifts are still appropriate.

Second Property – You must ask for specialist advice, particularly if the property is overseas.

4. Tax Benefits

If you made your Will some time ago, your financial situation may be out of step with current Inheritance Tax (IHT) regulations. You must get the most out of your Will and take full advantage of available exemptions and reliefs.

5. Health Issues

Health issues can surface at any point in our lives, and if your circumstances radically change, making or reviewing your Will can give you peace of mind.

How to Change or Update Your Will

There are two ways to ensure your changes are legal, efficient, and cost-effective:

1. Codicils

A codicil is a (physically) separate, legal document that either adds to or changes your Will. There’s no limit on the number of codicils you can have. However, a Will with numerous or poorly constructed codicils is more likely to be challenged, especially if the changes are unclear or controversial. Whilst every case is different, it’s probably best to use codicils for minimal changes.

2. Making a New Will

If you’re considering making significant changes to your existing Will, creating a new one may be more appropriate (and cheaper in the long run). This should include a revocation clause, nullifying your current Will and any codicils.

Our Advice

We have many years of experience providing a friendly, expert service around Wills and probate. Please contact us if you’d like to update your Will, need an instant quotation, or start from scratch. We’re here to help.

Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.