Updating Your Will: When and Why It Matters

Introduction
A Will is not a one-time task. Life changes, such as marriage, divorce, having children, or acquiring new assets, can affect your estate and the wishes outlined in your Will. Failing to update your Will may lead to unintended consequences for your loved ones.

This blog explores when to update your Will, why it’s important, and practical tips for keeping it current.

Why Updating Your Will Matters

1. Reflect life changes
   Major events like marriage, divorce, childbirth, or adoption can affect who should inherit and how assets are distributed.

2. Incorporate new assets
   Property purchases, investments, or new businesses need to be included to ensure proper management and distribution.

3. Prevent disputes
   An outdated Will can create confusion, disagreements, and potential legal challenges among beneficiaries.

4. Address changes in laws or tax rules
   Legal and tax regulations may change over time, affecting inheritance tax or other estate planning considerations.

Key Life Events That Require Updating Your Will

1. Marriage or civil partnership
   In the UK, marriage or civil partnership can automatically revoke a Will unless it specifically accounts for the change.

2. Divorce or dissolution
   Divorce may remove a former spouse from your Will automatically, but it is important to review and clarify all related provisions.

3. Birth or adoption of children
   New children may need to be added as beneficiaries or have guardians appointed.

4. Death of a beneficiary or executor
   If someone named in your Will passes away, updates are required to ensure your estate is distributed according to your current wishes.

5. Acquisition or disposal of property
   Buying or selling property, or acquiring significant assets, may require updates to ensure they are properly allocated.

6. Changes in family dynamics
   Blended families, remarriage, or complex family structures may necessitate adjustments to provide fair and clear distribution.

7. Changes in financial circumstances
   Inheritance, business growth, or other significant changes can affect how assets should be divided.

How to Update Your Will

1. Minor changes with a codicil
   A codicil is an official amendment to your existing Will that allows minor updates without creating a new document.

2. Major updates with a new Will
   If changes are significant, such as changing executors, adding multiple beneficiaries, or restructuring your estate, creating a new Will is recommended.

3. Use professional guidance
   Solicitors or Will-writing services ensure legal validity and proper execution of updates.

4. Communicate with executors and beneficiaries
   Inform key parties about updates to avoid surprises and ensure clarity.

5. Securely store updated Wills
   Destroy previous versions to prevent confusion and keep your new Will in a secure location.

Common Mistakes When Updating a Will

1. Failing to execute the Will correctly
   A Will must be signed and witnessed according to UK law to be legally valid.

2. Neglecting minor assets
   Even small assets or personal items should be accounted for to avoid family disputes.

3. Assuming old Wills remain valid
   Life changes or new legislation may render an old Will outdated or invalid.

4. Not updating related documents
   Trusts, guardianship papers, or powers of attorney may also need revision to align with your updated Will.

Practical Example
Robert, a 45-year-old father, created a Will when his first child was born. Over the next decade:

• He remarried and had a second child

• Bought a new property and acquired business shares

• Changed executors due to a move

Robert updated his Will with his solicitor, ensuring all beneficiaries, assets, and executors were current. This prevented potential disputes and ensured his family’s security.

Tips for Keeping Your Will Up to Date

• Review regularly
  Check your Will every 2–3 years or after major life events.

• Keep records of updates
  Document all changes clearly, whether through codicils or a new Will.

• Consult professionals
  Solicitors can provide legal guidance and ensure changes comply with current law.

• Communicate changes
  Let your executor and key family members know about updates to avoid confusion.

• Secure storage
  Store the latest version in a safe location and register it if possible.

Conclusion
Updating your Will ensures that your wishes remain accurate, your loved ones are protected, and potential disputes are minimised. Regular reviews and professional guidance provide peace of mind and safeguard your legacy.

Next Step: Download our Free Will Guide PDF to learn more about updating your Will, protecting your family, and keeping your estate planning current.