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When should you update your Will?

Putting a valid Will in place is crucial to ensure your estate will pass to your loved ones in the way that you want and that disputes between family members will be avoided. But reviewing and updating your Will regularly is just as vital. Find out when you should consider making changes.

It’s easy to forget about a Will once you have the peace of mind of knowing that it is in place. However, as circumstances change over time, you may be leaving your estate open to difficulties if you don’t review matters on a regular basis. The New Year is a good time to go through everything, ensuring your affairs are the way you want them and that your loved ones will have the security they need for the future.

When should you review your Will?

You should review your Will at least once every three to five years, as well as in the event of any major life changes. This includes:

The birth of a child or grandchild

A change in your financial circumstances

The purchase of a house

Divorce

Marriage, as a Will automatically becomes invalid unless it was specifically made in contemplation of the marriage

When should you update your Will?

If anyone named in your Will dies, you should have the document updated. This could be an executor, trustee, guardian for your children, or beneficiary.

If you are considering marrying, you need a new Will, as an existing Will is usually invalidated on marriage.

A divorce will also affect your Will, with any gift left to your former spouse no longer effective. Similarly, they will not be able to take up any position, such as executor, that they were appointed to prior to the divorce.

If your financial circumstances, or those of a beneficiary, change substantially so that you want to alter the way in which your estate is left, you should consider updating your Will. Similarly, should you buy a property, you need to look at the way this is held and what will happen to it in the future.

When a new child or grandchild is born, if you want to make provision for them, you can consider a new Will.

If you have a business, and this becomes more successful than previously, you need to decide how to pass it on, and an expert Wills solicitor can advise you on this.

Should there have been a change in tax or other regulations since you last made your Will that could affect your assets, you may want to make different provisions to account for this.

If your spouse or partner may need to move to a care home, you should review your Wills.

For more advice on when to update a Will, speak to a Wills solicitor today and discuss the best approach.

Do you have to make a new Will if you need changes?

If the changes are substantial, you should have a new Will drafted. Minor changes, such as a different executor, can be dealt with by making a codicil. This is an additional document that is placed with your Will. It is still important to have this correctly drafted and executed, as errors could result in expensive disputes.  Some changes may just need a memorandum placing with the Will.

It is often preferable to have a new Will drafted, as there is a small risk that a codicil could be misplaced. An expert Wills solicitor will be able to advise you on the best course of action.

If you would like further information please contact one of our Wills and Probate experts.