When Should I Update my Will?

When considering 'how often should I update my Will?' the short answer is to review it every five years.

Hectic lives and too much to do in the present often leaves 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.

How often should I update my Will?

It is important to update your Will:

• If you get married – 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. They may not be included in your Will before marriage so it is important to update/create a new Will to reflect your new status as a couple. Remember, marriage revokes an existing Will.
• If you get divorced – 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 or to remove mention of your former spouse.
• 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 take into consideration 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 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.

When considering 'how often should I update my Will?' the Government recommends reviewing it 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 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, although they are not used as often as they were due to the ease of changing your Will.

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

Ideally, no. For major 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 and inform others of the location of your current Will.

For answers to 'how often should I update my Will?' and other Will-related queries, click on the link to be taken to our dedicated FAQ page.

Alternatively, call our Wills, Probate & Trusts Team on 0800 915 2328.

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