Your Will is one of the most important documents in your life, and updating it regularly means that your wishes are fulfilled easily. A review is advisable at least every five years or sooner if there is a change in the inheritance tax rules.
A Birth or Death in Your Family
Families evolve constantly, and your Will should keep up with them. You should update your Will to include newborns and adoptions or review it if you become a step-parent. In rare cases, you can even disinherit children. In even rarer cases, children can divorce their parents.
If you have children under 18, you should name guardians for them in your Will. However, these guardians may pass or become unsuitable; you must name alternatives. When children reach 18, guardians are no longer necessary, so you should acknowledge this in your will.
What’s more, using the 18-25 rule, full ownership of property in trust funds must pass to the beneficiaries. You should update your Will to make this transfer clear.
Leaving property to the deceased presents many complications: it may pass to their children or be lost.
Marriage or Divorce
Marriage automatically revokes a Will as your spouse is entitled to your property, so you should update your Will accordingly. Divorce and separation present the same issue; divorce automatically revokes gifts in your Will to your ex-spouse, subject to contrary intention. Plus, if you have children together, you should consider guardians, custody and childcare payments.
If you want to leave property to cohabitees, you should also update your Will to include persons excluded under the intestacy rules.
Estate Changes
Whenever your purchase or sell land and assets, you should reflect it in your Will. Any unmentioned property is at risk, and uncertainty can cause contentious probate.
Updates are essential if you purchase foreign property, as you may need to create another Will in the foreign jurisdiction. Otherwise, your solicitors will have to painstakingly retrieve this property. You should also include inherited money or property.
You may also need to review nominations and ownership of joint property and possible claims against your estate by dependants. Leaving these unresolved issues can cost your beneficiaries.
New Businesses and Work
Starting a business or entering a partnership gives you a new asset and responsibility, especially if you are the sole or majority shareholder. You should redraft your Will to include instructions to wind up the company or appoint a new director after you pass.
If you plan to live or work abroad, you need a Will in that country to cover any new assets. Having an English and a foreign Will covers your property without unnecessary confusion.
Changing Executors
Executors are the most important elements of a Will as they perform its instructions. You may supplement or amend their powers to assist them in their duties or change executors if they pass or become unsuitable to act due to age or ill health.
Changes in your beneficiaries’ financial circumstances may also trigger you to review your Will. You could help through bankruptcy or redistribute your assets to reflect new developments.
Amending Funeral Arrangements
Your Will is your last chance to express wishes about your funeral. You may not have included funeral arrangements in your first draft, or they may have changed. Review your Will to address them.
Draft a Will Today
If you need the help of one of our Will Solicitors to adapt your Will, do not hesitate to email us at info@witansolicitors.co.uk.
FAQ
Should you update your will every five years?
Yes. Although your life may not have significantly changed, reviewing and updating your Will every five years ensures that it reflects your estate accurately.
Does a Will expire after 20 years?
No, Wills do not expire. However, your estate will likely have changed in 20 years, so we recommend reviewing and adapting your Will.
How often should I check my estate plan?
Review your estate plan once every five years or whenever your life changes significantly. You may gain or lose relatives, move house, marry or take on new assets.
Will my solicitor keep a copy of my Will?
Typically, after drafting your Will, your solicitor may keep the original and give you a copy. Alternatively, your solicitor may give you the option to lodge your Will with the National Will Register.
