A will is a vital legal document that ensures your assets are distributed according to your wishes after your passing. However, simply writing a will is not enough—reviewing and updating it periodically is essential to ensure it remains relevant to your circumstances. At Blackstone Solicitors, we often advise clients across England and Wales on when and why they should update their wills. In this article, we explore the key reasons for reviewing a will, how often it should be updated, and the importance of professional legal guidance.
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Why is Updating a Will Important?
A will is a reflection of your personal and financial situation at the time it is written. However, life is constantly evolving, and significant changes may necessitate an update to your will. Failing to review and amend your will regularly can lead to unintended consequences, such as assets being inherited by unintended beneficiaries or tax liabilities increasing unnecessarily.
Updating your will ensures:
- Your wishes are accurately reflected.
- Changes in your financial situation are accounted for.
- Your beneficiaries receive what you intend.
- Potential disputes or legal challenges are minimised.
Key Life Events That Warrant an Update
There is no fixed timeframe for updating a will, but it is recommended that you review it every three to five years. Additionally, certain life events should prompt an immediate update to ensure it aligns with your current situation.
- Marriage or Entering a Civil Partnership
In England and Wales, getting married or entering a civil partnership automatically revokes any existing will unless it was specifically made in contemplation of that marriage. If you do not update your will, the laws of intestacy may determine how your estate is distributed, which may not align with your wishes.
- Divorce or Dissolution of a Civil Partnership
If you divorce or legally dissolve a civil partnership, any references to your former spouse or partner in your will become void. However, the rest of your will remains valid. This means that if your former partner was named as an executor or beneficiary, those provisions will no longer apply, but the remainder of your will could still be outdated. Updating your will after a separation is crucial to prevent any unintended outcomes.
- The Birth or Adoption of Children or Grandchildren
The arrival of a new child or grandchild may prompt you to update your will to include provisions for them. You may wish to set up trusts, appoint guardians, or ensure that your estate is distributed fairly among family members.
- A Change in Financial Circumstances
If you experience a significant increase or decrease in wealth, such as inheriting property, selling a business, or making substantial investments, your will should be updated to reflect these changes. Ensuring that your estate is structured in a tax-efficient manner can help minimise inheritance tax liabilities for your beneficiaries.
- The Death of a Beneficiary or Executor
If someone named in your will as a beneficiary, executor, or guardian passes away, your will should be updated to appoint new individuals and ensure the smooth administration of your estate.
- Changes in the Law
Legislation affecting wills, inheritance tax, or estate planning can change over time. Regular reviews with a solicitor ensure your will remains compliant with current laws and takes advantage of any new legal provisions that could benefit your beneficiaries.
- A Change in Personal Relationships
If your relationship with a named beneficiary changes—for instance, if you become estranged from a family member or wish to include a new friend or partner—you should revise your will accordingly.
How to Update Your Will
If you decide to make changes to your will, there are two primary ways to do so:
- Creating a Codicil
A codicil is a legal document used to make minor amendments to an existing will. It must be signed and witnessed in the same manner as the original will. Codicils are suitable for small changes, such as updating an executor or adding a beneficiary, but multiple codicils can cause confusion. If major changes are required, drafting a new will is recommended.
- Writing a New Will
If significant changes are needed, it is usually best to revoke the old will and create a new one. This ensures clarity and avoids the risk of conflicting instructions. Your new will should include a statement revoking all previous wills and be executed correctly to be legally valid.
The Risks of Not Updating Your Will
Failing to update your will can result in unintended consequences, such as:
- Assets being distributed under outdated instructions.
- Loved ones being excluded or facing financial hardship.
- Disputes among family members leading to legal challenges.
- Increased inheritance tax liability due to outdated estate planning.
- Unintended individuals inheriting your estate under intestacy laws.
By keeping your will up to date, you can ensure that your estate is managed and distributed exactly as you wish, reducing the risk of legal complications for your loved ones.
Seeking Professional Advice
While it is possible to draft and update a will yourself, professional legal guidance is strongly recommended. A solicitor can help:
- Ensure your will is legally valid and properly executed.
- Advise on inheritance tax implications and estate planning.
- Draft clear and precise wording to avoid ambiguity or disputes.
- Store your will securely and ensure it is accessible when needed.
- Provide guidance on appointing executors, trustees, and guardians.
At Blackstone Solicitors, we provide expert will-writing and estate planning services across England and Wales. Our team ensures that your will is tailored to your personal circumstances and updated as necessary to reflect any life changes or legal developments.
Conclusion
Updating your will is just as important as creating one. While reviewing your will every three to five years is advisable, significant life events—such as marriage, divorce, childbirth, changes in financial circumstances, or the death of a beneficiary—should prompt an immediate update. Failing to do so can lead to unintended distributions, disputes, and potential financial difficulties for your loved ones.
To ensure your will remains legally sound and reflects your current wishes, seek professional advice from Blackstone Solicitors. Our experienced team is here to guide you through the process, providing peace of mind that your estate will be managed according to your intentions. Contact us today to review and update your will.
We have a proven track-record of advising upon all aspects of private client work. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.to incorporate, what kind of ownership
How to Contact Our Private Client Solicitors
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.
To speak to us today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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