How often should you revise your Will?

People frequently write Wills and then forget about them; they frequently believe that the document they have created will remain in accordance with their wishes and/or valid for the rest of their lives, which is rarely the case.

As we go through life, we come across many events, some of which necessitate updating our Will. Some of these events may even render our Will null and void, so it is critical to review it on a regular basis. In this article, we will discuss the circumstances that may necessitate updating your Will so that your estate and loved ones are properly cared for after you are gone.

When should I make changes to my Will?

• Purchasing or selling a home – When purchasing or selling a home, you should review your Will. Property is a large financial asset that has a significant impact on the value of your estate. You can ensure that a new property passes to the person of your choice by including it in your Will.
• Getting married or entering a civil partnership – When you marry or enter a civil partnership, any previous Will becomes null and void. In this case, failure to make a new Will will result in your estate passing according to the rules of intestacy.
• Divorce or dissolution of a civil partnership – While getting divorced or dissolving a civil partnership does not render an existing Will null and void, failing to update that Will may have serious consequences for your estate in the future. As a result, you may want to redirect those assets so that they end up with the people you want.
• Your executors, trustees, or guardians have experienced a change in circumstances – Unexpected events frequently occur in our lives. For example, you may have previously designated someone to act as your children’s guardian in the event of your death, but that person has since developed a long-term illness and is no longer able to do so. Failure to update your Will may result in the courts deciding who is best suited to act as your children’s guardian.
• Becoming a parent – Becoming a parent is a life-changing event that frequently shifts a person’s priorities. It is critical to update your Will to include legal guardianship, which allows you to name the person you want to care for your children in the event of your death. If you do not do so, it will be up to the courts to decide who will be the best guardian for your children. Furthermore, you should name your new child (or grandchild) as a beneficiary of your estate.
• You haven’t looked over your Will in years – It is advisable to review your Will every 3 to 5 years. Often, changes in that time will have occurred that did not immediately prompt you to update your Will, but you may look back at your previous estate wishes and realise that you have changed your mind about some things.
• Someone mentioned in your Will dies – If someone named in your Will passes away, you should update your Will and remove them from it. If a beneficiary named in your Will dies, for example, you should update your Will and name a new beneficiary to inherit the deceased person’s share. As an alternative, include a ‘Gift Over’ clause that states that the deceased beneficiary’s share of inheritance is to be passed down their bloodline, i.e., to their children.
• The laws governing inheritance tax have changed – Inheritance tax laws can be complicated and confusing, especially if you own a business or have assets in another country. As a result, tax planning becomes an important factor to consider when drafting a Will. It is critical to stay current on changes to these laws and, if necessary, update your Will to reflect these changes. If you have any questions about Inheritance Tax planning, please contact our expert team for more information on what you can do to protect your loved one’s inheritance.
• You’ve decided to make a charitable contribution – You may have decided to leave something to a charity or organisation since last reviewing your Will. In this case, you will need to amend your Will to ensure that your donation is directed to your preferred charity.
• When your financial situation or asset value changes – It is critical to review your Will whenever there is a significant change in your financial situation. If the value of your estate rises or falls significantly, this should be reflected in your Will.

How To Revise Your Will

Typically, once a Will has been executed (signed and witnessed), changes to the original document should not be made as this may jeopardise its validity. However, alterations can be made in a variety of ways if absolutely necessary.

To begin, if the required change is minor, such as changing the name of a beneficiary, an alteration to the original document can be made. To make the change legal and maintain the Will’s validity, the document must be signed and witnessed in the margin by the testator (the person writing the Will) and the same people who witnessed the Will’s original signing. Section 21 of the Wills Act requires this (1837).

Another way to change a Will without having to write a new one is to create an official change document known as a codicil. This codicil, like a Will, must be signed and witnessed. It’s also worth noting that codicils are only useful for minor changes like changing a beneficiary’s address.

We strongly advise against using codicils because they are separate from the original document and are easily lost. Furthermore, if not properly implemented, they can make a Will more vulnerable to challenge. Using a codicil to make major changes to a Will, especially when dealing with your property, is generally considered bad legal practise.

In most cases, changes to a Will necessitate the creation of an entirely new Will. This is especially true when making significant changes, such as changing executors or adding a new property. Any previous Will is automatically revoked by a revocation clause included at the beginning of the new document when you write a new Will. This is the method we recommend for updating a Will; it eliminates the need for additional documents and best ensures the Will’s validity.

Amending Your Will

After completing your Will with MWQ Estate Planning, you may contact us at any time to make changes. There will be a small administrative fee if you want to make a minor change, such as changing your name. However, if you need to make multiple changes, the changes are more significant than a name change, or your Will was created by another company, you will need to have an entirely new Will drafted at our standard fee.

When you write a Will with us, you will be given the option of using our storage and update service, which will store your document in one of our fireproof safes for a small monthly fee. You will also have access to unlimited free updates whenever you need them with this service.

I already have a Will with another company. Can I update it with MWQ?

If you have already made a Will with a solicitor, for example, it is likely that they will charge you a significant fee to update it. Don’t worry, we offer competitive pricing and would be happy to re-take your instructions. It is important to note that we would have to create a new Will; however, this would allow you to discuss your needs with one of our professionals and have all of your questions answered, allowing you to rest assured that your loved ones will be cared for if you are no longer here.