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You might feel like writing a will is a one-and-done process, but it’s crucial to regularly review it, especially if your circumstances have changed.
It’s a good idea to get into the habit of revisiting your will at least every five or so years, or whenever you go through a major life event, for example, getting divorced or remarried, so you can be certain it reflects your current wishes.
Here, we explain when to review your will, and how to go about updating it if your situation has changed.
Why write a will?
Writing a will is one of the most important things you can do for your loved ones. Don’t be put off if you’re worried it will be complicated, as there are a number of will-writing services and legal specialists who can help make the process as straightforward as possible.
Even though your estate can still be passed on if you die without a will – also known as dying “intestate” – it might not be distributed in the way that you want, and can cause additional stress to your friends and family if they are left without clear instructions for who gets what. Writing a will gives you the ability to clarify your wishes and prevent any family disputes. You can read more about the reasons to draw up a will in our article The importance of writing a will.
How often should I check my will?
Generally speaking, you should aim to review your will at least once every five years. This will give you the chance to take stock and see whether your wishes remain the same or if they’ve evolved over time.
However there are a few situations where you should strongly consider reviewing your will straight away. Here’s a list of the main examples:
You’ve got married or divorced
It’s really important to review your will if you’ve recently married, or are planning to marry. This is because, when you get married, your previous will is effectively voided, meaning it won’t be legally binding any more (unless your will was written to specifically refer to the upcoming marriage). If you die without writing a new one, you’ll effectively be treated as if you’ve died intestate, and your assets will be distributed as such. Read more about intestacy laws in our article Sorting out an estate when someone dies without a will.
If you get divorced, it’s slightly different. Your will still applies, but your ex-spouse will be excluded from it, and your estate may be divided differently from how you intended. It is almost always a good idea to review and update your will in this situation.
Alternatively, if you have entered into a new relationship since writing your will, but you haven’t married them or entered into a civil partnership, they will not be entitled to anything if you die, unless you have a will which outlines what you want to leave them. You may therefore wish to review your will and update it to include them.
A change in the family
Changes in the family are a very good reason to revisit your will and think about any potential changes you might want to make. For example, you might want to include a child, grandchild, niece or nephew that’s recently arrived, or remove someone if they’ve passed away.
You might also rethink someone’s inheritance if they’ve got married or divorced, or they have undergone any significant financial changes which might have left them better or worse off.
Changing executor
The executor of your will is someone who you choose to carry out the job of managing your estate and making sure your assets are distributed as desired when you die.
You might decide you want to change your executor, for example if they have passed away or you aren’t sure they will still be up to the task, or you can opt to add more executors just in case.
Learn more about the role of an executor in our article What is an executor?
A change in your financial circumstances
Significant changes in your financial situation are a good reason to review and potentially update your will, as you may now have the ability to leave considerably more or less than before. For example, it could be the case that you have bought or sold property, you have retired or your income has otherwise changed, or you have stopped or started investing, leaving you better or worse off than previously.
New funeral arrangements
Your will is a convenient way to lay out your wishes for your funeral. If you have changed your mind about any of your funeral arrangements, then it’s worth updating your will to reflect this.
You want to leave a gift to charity
You might decide to amend your will so that you can leave a gift to charity. Leaving a financial gift to a charity in your will can not only help the causes that are near to your heart, but may also help you too. For example, if you’re facing a potential Inheritance Tax liability, there may be tax benefits if you leave a gift to charity in your will.
This is because any donations you make to charity are free of Inheritance Tax, and, if you leave at least 10% of your estate to a charitable cause, you can reduce the Inheritance Tax rate on the rest of your estate from 40% to 36%. Find out more about this and other ways to reduce potential Inheritance Tax bills in our guide Six ways to reduce inheritance tax bills.
How do I change my will?
Most of the time, the best way to make significant changes to your will is by drafting a new one. While it can seem like a pain, making sure your will is as up to date as possible is the best way to prevent confusion down the line and ensure that your estate is distributed smoothly.
Bear in mind that in March and October every year it is ‘Free Wills Month’ so if you think yours needs updating, you could get a solicitor to help you free of charge. The scheme is supported by various charities, such as Marie Curie, Mind, Guide Dogs, Shelter and more, with the hope that those who take advantage may leave a legacy to their favourite cause.
You’re under no obligation to do this, but if you use the Free Wills scheme, your solicitor will ask you if you want to include a charitable donation in your will. Find out more in our article Get a free will!
For very small edits or amendments, you could consider writing a ‘codicil’ to your will instead. This is a document that can make legally binding changes to your will without requiring you to write a new one altogether. It can be drawn up with the help of a solicitor or will-writing service, and then must be signed and witnessed like a normal will.
Bear in mind that codicils are typically only suitable for smaller changes. For anything more substantial, you are probably better off getting a full rewrite. Read more in our article Changing a will: what is a codicil and when do you need one?
Finally…
Whether you are writing your will for the first time or updating it, it’s a good idea to take measures so that it can’t be disputed. Read about how to do this in our article 10 ways to make sure your will isn’t challenged.
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