When Should I Update my Will?

‘Is your Will up to date?’ is a question possibly not asked as much as it should be.

Hectic lives and too much to do in the present often leave future planning in the background. Even when a Will is in place, can you be sure it is still relevant compared to current circumstances?

Many things change over time; gaining and losing partners, children being born, new properties being bought.

All of these life events should be considered in your Will to ensure your estate is handled correctly upon your passing and given to the people you wish, with the right assets/monetary values given to the chosen recipients.

But when should you update your Will?

It is important to update your Will:

• If you get married – Marriage does revoke any existing Will. This is a life-changing event in many ways and is especially true financially speaking as you may wish to provide for your significant other if you were to pass away. It is important to update/create a new Will to reflect your new status as a couple and ensure you leave provisions in some way for each other.

• If you get divorced or become separated from a partner – Equally, if you were to get divorced or separated and you wanted to alter the amount/the assets that your partner was previously entitled to, then a new Will may be in order to highlight this. A divorce can remove that person from your Will and can lead to a number of inconsistencies if not done properly.

• If you have children – When children are born, the life-altering stages of childcare can prove time-consuming and provide little time to plan ahead. However, a new Will ideally needs to be in place to account for additional beneficiaries and also consider the need to appoint a guardian for your child/children in the event of your death.

• If you’re moving house or buying additional properties – As life progresses, perhaps with additions to the family, there may be the need for a bigger house, or a holiday home may become part of your assets. A Will needs to show these additions and account for them, so they are divided how you wish and to the beneficiaries you want them to go to.

The Government recommends reviewing your Will every five years, regardless of major life events occurring.

Can I change my existing Will rather than create a new one?

You can’t amend a Will easily without casting doubts upon it after it has been signed and witnessed. However, there is a way to make an official alteration and that is by using a codicil. This must be signed and witnessed in the same way as a Will and you can add as many codicils to a Will as you wish.

Should I use a codicil for major changes to a Will?

Ideally, no. Often it is simpler and just as cost-effective to create a new Will.

Moreso for significant changes, for example after one of the above-listed life events, it is recommended to create a new Will, which should include a section explaining that it revokes any previous Will and codicils.

Don’t forget to destroy your old Will by burning it or tearing it up as it can lead to people finding the wrong Will.

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