When should I update my will?

Have you ever wondered when is the right time to update your will? Or how often should you review it? Let’s explore the importance of keeping your will up to date and the circumstances that may prompt you to make changes to it.

Key Takeaways:

• It is recommended to review and update your will every 5 years and after any major change in your life, such as getting separated or divorced, getting married, having a child, or moving house.
• To make changes to your will, you can create an official alteration called a codicil, which must be signed and witnessed in the same way as your will.
• If there are significant changes to your will, it is best to make a new will that revokes all previous wills and codicils, ensuring everything is accurate and up to date.
• Seeking the help of a solicitor can provide guidance and ensure that the changes to your will are made correctly and legally.
• Regularly updating your will is important for proper estate planning and to avoid any confusion or disputes among your loved ones.

Why is it important to update your will?

When it comes to estate planning, keeping your will accurate and up-to-date is crucial. Failing to update your will can have significant consequences, such as canceling certain provisions or leaving your loved ones without proper financial support.

Life is full of changes, and these changes can have a direct impact on your will. For example, if a person named in your will passes away, you may want to change your beneficiaries. Similarly, significant life events like getting divorced or experiencing a change in your personal circumstances may require adjustments to ensure your will still reflects your wishes.

Furthermore, the value of your assets and the applicable laws may change over time. By reviewing your will every five years, you can safeguard against any potential issues and take advantage of changes in the law, such as modifications to inheritance tax regulations.

Keeping your will accurate and up to date is especially important in England and Wales, where the laws governing wills are specific to the jurisdiction. It’s a good idea to check periodically to ensure that your will still reflects your wishes and provides the necessary instructions to protect your loved ones when you pass away.

While it may be uncommon for you to want to change your will frequently, significant life changes or events often occur that could result in you changing your wishes. By reviewing your will regularly, you can make sure it still aligns with your current circumstances and intentions.

Remember, any changes to your will must be signed and witnessed to be valid. It’s recommended that you create a new will instead of using codicils to make significant alterations. By involving a solicitor who specializes in estate planning, you can ensure the process is conducted accurately and legally.

How to update your will

To ensure your will accurately reflects your wishes and current circumstances, it’s important to update it when necessary. Here’s how you can make changes:

Making a Codicil

A codicil is an official alteration to a will. It can be used to make minor amendments or add new children or grandchildren. To make a codicil, it must be signed and witnessed in the same way as a will.

Writing a New Will

If there are significant life changes or events, it may be necessary to write a completely new will instead of using codicils. This ensures your wishes are accurately reflected and avoids any confusion.

Consulting a Solicitor

When making changes to your will, it’s advisable to seek the assistance of a solicitor. They can help you navigate the process, ensure the changes are made correctly and legally, and provide expert guidance.