Importance of Updating Your Will: Tips from London’s Top Will Writers
When it comes to safeguarding your wishes and ensuring that your loved ones are looked after upon your passing, having a valid Will in place is paramount. However, the complexities and evolving nature of this legal document are often overlooked. From understanding the need to regularly update your Will to the rules of intestacy in the UK, this blog aims to shed light on some common queries and misconceptions.
Let’s delve into the crucial details every UK resident should be familiar with regarding Wills, their implications and the importance of updating your Will.
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- Do Wills need updating?
- Does a spouse automatically inherit everything without a UK Will?
- Do you have to update your Will if you move house?
- Who keeps the original Will?
Do Wills need updating?
Reviewing your Will regularly is very important and should be done at least every three to five years. This is unless there are significant life changes or events which means it should be reviewed sooner. Reviewing your Will regularly ensures that it accurately reflects your wishes.
Making small changes can be done by a Codicil which still has to be signed and witnessed, in the same way a Will has to be. If there are several changes it is better to make a new Will.
Learn more about our Codicil-writing services.
Does a spouse automatically inherit everything without a UK Will?
The answer is no. This is why it is very important to have a UK Will in place if your intention is for all assets to pass to your spouse. If you do not have a Will, the UK assets will pass under the rules of intestacy, set by the government.
From 27 July 2023, the spouse receives the first £322,000 (known as the statutory legacy) and all personal possessions. The remainder shall be divided 50% to the surviving spouse and 50% to the surviving children in equal shares. If the children are under 18 years old, their share shall be held in trust.
Do you have to update your Will if you move house?
A change to your address or a change to a beneficiary’s address does not mean the Will becomes invalid.
However, it is important for a note of the new address to be placed alongside the Will. If you move to a new property this will be a good time to review your Will.
Who keeps the original Will?
If you have the Will prepared by a solicitor, they will usually offer to store it for you. A lot of firms will also register it with Certainty, the online National Will Register. This is to help prevent Wills from being lost.
However, if you prepare the Will yourself you should ensure it is stored somewhere safe. You should notify your executors of where the original is being stored.* Disclaimer: The information on the Anthony Gold website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. It is provided without any representations or warranties, express or implied.*