Having a valid will is crucial for ensuring your assets are distributed according to your wishes after you pass away. However, it’s not enough to simply write a will once and forget about it. Life changes often require updating your will to keep it accurate and legally effective. We advise clients to review their wills regularly, especially after significant personal or financial events.
Why Updating Your Will Matters
If your will does not reflect your current circumstances, it could lead to disputes, unintended beneficiaries, or delays in administering your estate. Without a valid will, the rules of intestacy apply, which might not align with your wishes and can cause hardship for your loved ones.
Key Life Events That Should Trigger a Will Review
Marriage or Civil Partnership
In England and Wales, marrying or entering into a civil partnership automatically revokes any existing will unless the will was made in contemplation of that marriage or partnership. This means your previous will becomes invalid, and you need to create a new one promptly.Divorce or Dissolution of Civil Partnership
Divorce or ending a civil partnership generally does not revoke your will, but the ex-spouse or ex-partner is treated as having died for the purposes of the will. However, this can cause complications, so updating the will to remove or alter provisions relating to the former partner is strongly recommended.Birth or Adoption of Children
New children or grandchildren may change how you want your estate distributed. You might want to include trusts for minor children or designate guardians.Changes in Assets or Financial Situation
Significant increases or decreases in assets, such as buying a property, starting a business, or receiving an inheritance, may require adjustments in your will to reflect new priorities.Death of a Beneficiary or Executor
If someone named in your will passes away, it’s important to update it to prevent legal complications or unintended disinheritance.Relocation
Moving to another country or region with different inheritance laws may affect the validity or administration of your will.Changes in Tax Laws
Tax planning is a common reason to update wills, especially with changing inheritance tax thresholds or exemptions.
How to Update Your Will Properly
Make a New Will: The safest approach is to draft a new will with your solicitor, revoking the previous one. This ensures clarity and avoids confusion.
Codicils: These are legal documents that amend specific parts of an existing will without replacing the whole document. Codicils can be useful for minor changes but should be drafted carefully.
Seek Professional Advice: DIY updates or informal amendments can cause more harm than good, leading to disputes or invalidation.
Final Thoughts
Regularly reviewing and updating your will is a responsible step that protects your family and ensures your wishes are honoured. We recommend reviewing your will every 3-5 years, or sooner if your circumstances change. With evolving family dynamics and financial situations, staying proactive about your estate planning is more important than ever.
