Creating a will is a crucial step in ensuring that your assets are distributed according to your wishes after your death. However, simply drafting a will is not enough; it is equally important to keep it updated.

Life is full of changes, and your will should reflect these changes to remain effective and relevant. Nicola Steadman Solicitor & Head of Private Client at Thomson Hayton Winkley, outlines some key reasons and moments when you should consider updating your will.

Marriage or Civil Partnership In the UK

Getting married or entering a civil partnership automatically revokes any previous wills unless the will explicitly states that it was made in contemplation of the marriage or civil partnership.

This means that if you do not update your will after getting married or entering into a civil partnership, your estate will be distributed according to the rules of intestacy, which may not align with your wishes.

Divorce or Separation 

Divorce does not automatically revoke your will, but it does affect its terms. For instance, any provisions in favour of your ex-spouse are treated as if they have died before you.

This can lead to complications, so it is advisable to update your will during or after a divorce to ensure your assets are distributed as you intend.

Birth of Children or Grandchildren 

The arrival of a new family member is a significant event that should prompt a review of your will. This includes not only your children, but also grandchildren and stepchildren if named specifically.

Updating your will ensures that these new family members are included and provided for according to your wishes.

Death of an Executor or Beneficiary

If an executor or a beneficiary named in your will passes away, it is essential to update your will. You may need to appoint a new executor or redistribute the assets that were intended for the deceased beneficiary if no provision has already been made.

Acquiring or Selling Property

Moving house or acquiring new property is another reason to potentially update your will.  Although a change of your home address would not necessitate a change.

Your will should detail what is to happen to your property upon your death. If you sell a property mentioned in your will, your will must be updated to remove that property.

Changes in Financial Situation

Significant changes in your financial situation, such as receiving an inheritance, starting a business, or experiencing a substantial increase or decrease in wealth, should prompt a review of your will.

This ensures that your assets are distributed in a manner that aligns with your current financial status.

Legal and Tax Considerations

Navigating legal and tax considerations is crucial to ensuring that your estate and will planning is comprehensive and sound. Here are some things to consider:

• Changes in Law: Changes in inheritance laws or tax regulations can impact your estate planning. Regularly reviewing your will with a legal professional can help you stay compliant with current laws and potentially reduce the inheritance tax payable on your estate.
• Protecting Unmarried Partners: If you are in a long-term relationship but not married, your partner will not automatically inherit anything from you upon your death. Updating your will is vital to ensure that your partner is provided for according to your wishes.

Regular Reviews

Even if there are no significant life changes, it is good practice to review your will every five years by reading it through and identifying any changes required. This ensures that your will remains aligned with your wishes and circumstances.

Regular reviews can provide peace of mind that your loved ones are provided for and that your assets will be distributed as you intend.

How Can Thomson Hayton Winkley Help?

Keeping your will updated is as important as creating one. Life is dynamic, and your will should evolve with it. Regularly reviewing and updating your will ensures that it accurately reflects your wishes and provides for your loved ones in the way you intend.

At Thomson Hayton Winkley our Wills, Trusts and Probate team can update your will. For more information contact us to find out how we can help.

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