When should I update my will?: Advice 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, we hope this blog will address some common misconceptions, and explain why keeping your will updated is so important.

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?
• What is a codicil?
• How often should my will be reviewed?
• Do you have to update your Will if you move house?
• Does a spouse automatically inherit everything without a UK Will?
• Who keeps the original Will?
• What should I be aware of when updating my will?
• How can I update my 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.

You may wish to review your will if:

• You become a parent, or grandparent, and wish to make provision in your will for these new arrivals.
• You move in with, or marry your current partner, and have shared assets that need to be accounted for.
• You break up with your current partner, and no longer wish them to be a beneficiary in your will. 
• You come into possession of a large asset, such as a house or a windfall of cash.
• You experience other significant changes to your circumstances, such as experiencing a long-term illness or disability. 

There are many life events that can occur, that may mean it’s a good idea to review your will, even if you haven’t reached the standard 3 to 5 year mark since the previous review. 

What is a codicil?

If you only wish to make small changes to your will, and don’t feel the need to write an entirely new will, you may opt for a codicil instead. A codicil is a legal document, allowing you to make small changes to an existing will, such as adding and removing certain sections, updating your address, or appointing a new executor. 

As codicils are legally binding, they must still be signed and witnessed, in the same way that a will would be. It may also be beneficial to instruct a solicitor to assist in creating the codicil, to ensure that it is compliant with UK law.

Learn more about our Codicil-writing services.

How often should my Will be reviewed?

Certain events can make it important for you to review your Will. Marriage automatically revokes a Will. If you have recently married, you will want to create a new Will, perhaps jointly with your spouse. We are able to prepare mirror Wills that complement each other if this is the case. Divorce, on the other hand, does not automatically revoke a Will. You will likely want to review your Will to make sure that your ex-spouse no longer benefits.

If a beneficiary dies before you do, and you do not have the appropriate contingencies in place, you will want to review your Will. Similarly, if an executor dies or tells you that they cannot act, or they plan to move away, perhaps it is time to think of who else you can appoint. At Anthony Gold, we aim to cover various possibilities like this in the drafting of your Will as this minimises the need for you to change your Will should these things happen.

If your estate becomes significantly greater or smaller or if you dispose of an asset left to a particular beneficiary in your lifetime, this will affect the inheritance tax position on your death, and you may wish to seek some advice from one of our experienced solicitors. You can take comfort in the fact that our team of experts will advise you on the potential consequences of your wishes so that you always have peace of mind that you are making the right choices.

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 can make the process of probate take longer, as time must be spent locating beneficiaries, which can delay the distribution of assets and the execution of the will. Therefore, we recommend checking all contact details and names included in your will every time you review it (which would ideally be every 3 to 5 years).

If you move house, 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.

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. The rules of intestacy determine how your estate will be distributed, in instances where there is no valid will. 

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.

If the individual is unmarried, or has no children, assets will typically pass to their closest living relative. And if no relatives can be found, the estate goes to the Crown. As intestacy laws heavily favour blood relations, if you wish to leave any assets to close friends, or a partner that you aren’t married to, it’s vital that you specify this in 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. You should also take careful note of where all copies of your will are kept, to prevent instances where older wills may be brought forward, delaying probate and casting doubt over the wishes of the deceased. When you update your will, make sure you update all copies of your will, and destroy any copies of old, invalid wills by burning or shredding them.

What should I be aware of when updating my will?

When you’re updating your will, here are some things you will need to consider, to ensure that the latest version of the will is valid, and can be executed when you pass away.

• Are there any outdated versions of your will, and where are they stored? Older versions of wills can cause difficulties and confusion during probate. Make sure that all copies of your will are up-to-date, and keep track of where they are kept so that they can also be updated in the future, if further changes are made. 

• Have you accounted for any changes in your circumstances? Make sure that all of your assets, including properties, bank accounts, and investments, are included in your will. We tend to accumulate more throughout our lives, and too many people fail to update their wills with the entire value of their estate, which can leave the distribution of certain assets in question. 

• Have you made provision for your dependants? We always recommend that new parents update their wills as a priority, to make their wishes clear with regard to their children, in case the worst should happen. However, it isn’t just children you may wish to make provision for. Do you have vulnerable siblings, or even parents that rely on you for their care? 

Read our article on creating trusts for disabled and vulnerable people, to see if this is something you would like to consider, for your own peace of mind.

• Do you have pets? While a pet cannot be named as a beneficiary, you can set up a trust and leave funds which are directed to be used only for the care of your pet. They truly are members of the family, but in law, pets are seen as an asset of your estate, so will need to be left to an individual (potentially with a trust to enable them to care for them properly). It’s best to agree this with them beforehand, and only will your pets to a person that you really trust, who will show them plenty of loving care.

• Are all of your family members properly named, and their contact details up-to-date? While updating your will, be sure to take into account any new developments in your family tree, including births, deaths, and marriages. Although using a person’s maiden name wouldn’t mean that they were no longer entitled to their legacy, it can often prevent delays to probate to ensure that all the names and contact details of your loved ones are current.

• Have you specified a Lasting Power of Attorney for your health and wellbeing, as well as your finances? Updating your will is a good time to take stock, and you may wish to consider appointing a lasting power of attorney. This person, or these persons if you appoint more than one, will be given the right to make certain decisions for you if you lose mental capacity. Your LPA is another part of your will which should be reviewed and updated regularly. Read our expert article for more details about appointing an LPA. 

• What would be your preferred funeral arrangements? Although the inclusion of your preferred burial arrangements is not legally binding, this is still something that you should consider including in your will. Many people appreciate having some insight into the last wishes of their loved ones, so including instructions, and even perhaps a trust to facilitate your burial, can be extremely helpful to the ones you leave behind.

How can I update my will?

Updating your will doesn’t have to be a difficult process, and with one of our trusted solicitors, we can advise you at each step. We can discuss your existing plan for your estate, update your will with you, and review it to ensure that it is legally binding, and there are no issues that could lead to will disputes in the future. To book a consultation with a member of the wills and probate team, you can fill in the contact form on our homepage, or visit our Contact Us page for more options.