23 Jan 2023
Wills & Probate
Research last year showed that nearly half of all wills in the UK have not been reviewed in the last five years. Of that, a third haven’t been checked in over 7 years and a fifth haven’t looked at it in over a decade.
Regularly reviewing your Will can prevent it from potentially becoming invalid or leading to unexpected and unwanted outcomes in dealing with your estate. If you die without a valid Will, then the Intestacy Rules apply, which state how your estate must be shared on your death. The Intestacy Rules may not suit your individual circumstances yet largely control the ultimate destination of your assets when you die without having made a valid Will.
Having a valid up to date Will in place ensures that your estate passes the way you intend and gives you an element of control and certainty.
When would I need to update my Will?
Your Will must reflect the many areas of your life and their ever changing nature in order to truly protect for the future. We all go through major life events and it is important to remember to check your Will still reflects your wishes when this events occur. Some of the biggest reasons for updating your Will are:
What are my options for updating my Will?
There are two options available if you want to update your Will: adding a Codicil or writing a new Will.
A Codicil is a supplementary document that sits alongside your existing Will. It allows you to make amendments to your Will, such as adding, modifying or revoking clauses, without the need to completely re-write your Will. It’s generally recommended to use a Codicil where you only need to make small changes to your Will such as adding or deleting an executor.. If you want to make significant changes to your Will, then it is recommended that you make a new Will.
While there is no clear-cut rule for when a Will must be updated, it is important to review your Will every few years as well as when any major life changes occur.
If you would like advice on updating your Will, our Wills & Probate team are here to help. Contact us today to make an appointment.
Harding Evans is a trading name of Harding Evans LLP, a limited liability partnership, registered in England & Wales (registered number: OC311802), authorised and regulated by the Solicitors Regulation Authority (SRA number: 419663).