When Should I Update A Will?

‘When should I update my Will?’ A common question that is discussed by Head of Wills & Probate, Jo Robinson, in her latest blog….

If you already have a Will in place, then that is great news! You are amongst the 40% of Brits who have managed to get their wishes in place.

Ideally though, you should be reviewing your Will every three to five years, or earlier if circumstances change such as;

• The birth of a new family member – you should check whether they are included in your Will if you want them to receive a share of your estate whether this be as a residuary beneficiary (where they take a share of your estate), or a legatee (where they receive a set sum of money or specific gift).

• Marriage or divorce – marriage will usually revoke (cancel) any existing Will you have in place unless your Will has been made in contemplation of marriage. Divorce does not usually revoke a Will but any mention of your former spouse will be treated as though they had died before you.

• Protecting children from a previous relationship – with blended families becoming more common, you may wish to protect your assets for your children whilst providing for your current family.

• Change in assets – your assets may increase or decrease in value and so you should check that the gifts in your Will are still what you wish.

• Sale of assets – if you have made a specific gift in your Will and the asset is sold then the gift will usually fail unless the Will provides for this.

• Foreign assets – if you acquire assets outside the UK then they may not be covered by your Will.

• Family fall outs – unfortunately this does happen, and you may wish to remove beneficiaries under your current Will.

• The need to protect assets from the effects of long term care fees – this is a common worry for many adults and there is a special type of Will to help protect against this.

Even if your circumstances haven’t changed, it is worth reviewing your Will every few years to make sure it still reflects your wishes.

Minor changes can often be made by preparing a codicil however it is preferable to make a new Will to avoid any confusion and to ensure your wishes are contained in one single document. Often the price is the same.

Should you wish to review your current Will or have any queries then please do not hesitate to contact me on 01332 364436 or at j.robinson@timms-law.com.

Jo Robinson
August 2021