Once written, a will lasts forever. There are no time limits on wills that require you to write a new one every so often. However, if your will becomes outdated due to circumstances, you should at least update it, if not completely rewrite it. In this article, does a will ever get outdated, we take a look at these issues in more depth.
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Why is it important to have an up-to-date will?
If your will is out of date, your heirs may lose a larger percentage of your wealth to pay more inheritance tax than would otherwise be required, and your will may even generate a disagreement amongst your family and friends over their inheritance.
When a will is so old that its exact contents are no longer recalled, disputes can arise. You may end up telling your loved ones what you believe your estate includes, rather than what will actually happen to it after your death. People are more inclined to contest a will if they expect to inherit something and then discover it is not in the will. This could lead to a family feud and expensive court costs.
It is also usual for individuals who fail to update their will to forget where it is stored. If your will cannot be located after your death, the court will assume you destroyed it, and your assets will be distributed according to a rigorous set of legal procedures known as the Rules of Intestacy – your desires will be disregarded. Therefore, keep your will in a location where it will be found, or better yet, give it to the solicitors at Blackstone to keep it safe.
Consideration must also be paid to how relevant your will is to your current situation. You might have remarried after writing your will. You may have grandchildren for whom you wish to provide. There are numerous reasons why your will may begin to appear a bit outdated.
How often should you update your Will?
Even if you have not experienced any major life changes, it is advisable to assess your will approximately every five years to ensure that it still reflects your wishes and to determine whether the law has changed in a way that could influence your will. Inheritance tax regulations have undergone significant changes in recent years, requiring many people to update their wills despite the fact that their ultimate wishes have not changed. Particular instances that should encourage you to seek legal advice from a solicitor regarding your will include the following:
- Ensure that your new children or grandchildren are included in your will if you have any.
- In England and Wales, marriage revokes an existing will unless it was drafted with the marriage in mind.
- If you get divorced, your ex-spouse will be considered deceased for the purposes of your will upon the finalisation of the divorce. It is also essential to determine if you have made alternative preparations, and if so, whether they continue to reflect your objectives.
- If someone listed in your will predeceases you, it is crucial that you understand what will happen to the bequest given to the deceased beneficiary and determine what should occur in light of their passing.
- If the executor is no longer eligible or dies – It is crucial that your executor be able and willing to handle your estate and manage any trusts established by your will. When you die without a suitable successor in charge of your estate, disastrous consequences may ensue.
- Have you made any recent investments? Are they included in your Will? Investments can include property, cars, land, art, crypto currency, digital assets (NFTs), fine wine and many others.
- Are you involved in any business either actively or as a shareholder? Have you considered what will happen to these upon your passing?
What happens to an old will when you update it?
A will is cancelled by a subsequent will solely to the degree that new provisions are incompatible with the prior one. But any ambiguity could prompt a ‘losing’ beneficiary to contest your most recent will. This is a minefield for litigation. Therefore, it is prudent to indicate that your new will revokes all previous ones. In practise, if your executors believe they have your most recent will, they are unlikely to search for a prior will that could complicate your estate.
The basic law applies regardless of what you did with your old will or where you put it. If you have created a newer will (and signed it in the presence of witnesses), the previous one is invalid.
Is there a recognised standard for writing a will?
A will could, in theory, be written on the back of an envelope. As it is a legally binding document, it must adhere to certain criteria. It must be signed, witnessed, and dated by two adults of legal age. These witnesses cannot inherit anything or otherwise profit from your will (although they can act as executors).
Your will should also specify your executors, who have the ability to collect and distribute your assets according to your wishes. This is referred to as the probate procedure. As long as the executor is not also a witness, they may be a beneficiary of the will. Wills range in complexity from extremely straightforward to incredibly detailed. There is a certain procedure that must be followed for the Will to be deemed legally binding. There is a very real possibility that your Will will be void or contested if you decide to draught it without the assistance of a solicitor. In these instances, drafting a “Will” would be pointless.
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It is important for you to be well informed about the issues and possible implications of writing a Will. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.
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