Creating a will is an important first step in estate planning, but it's not a "set it and forget it" document. Life changes, and your will should change with it. Regular reviews and updates ensure your will continues to reflect your current wishes and circumstances.
When Should You Update Your Will?
While there's no set schedule for updating your will, certain life events should trigger a review and potential update:
Major Life Events
1. Marriage or Divorce
Marriage automatically revokes any previous will in England and Wales, unless the will was made in contemplation of that marriage. Divorce doesn't revoke your will, but it does revoke any gifts to your former spouse.
2. Birth or Adoption of Children
New children should be included in your will, and you may want to update guardianship arrangements and inheritance provisions.
3. Death of a Beneficiary or Executor
If someone named in your will dies, you'll need to update your will to reflect these changes.
4. Significant Changes in Assets
Major purchases, inheritances, or changes in your financial situation may require will updates.
Other Important Triggers
- Moving to a different country
- Changes in tax laws
- Changes in family relationships
- Starting or selling a business
- Changes in your health or capacity
- Your children reaching adulthood
How to Update Your Will
1. Review Your Current Will
Start by reading through your existing will and noting what needs to change. Consider:
- Are all beneficiaries still appropriate?
- Do you still want the same people as executors?
- Are guardianship arrangements still suitable?
- Do the asset distributions still make sense?
2. Decide on the Update Method
You have several options for updating your will:
Option A: Create a New Will
This is often the best approach for significant changes. A new will should include a clause revoking all previous wills.
Option B: Create a Codicil
A codicil is a legal document that amends an existing will. It must be executed with the same formalities as a will (signed and witnessed).
Option C: Minor Corrections
For very minor changes like correcting a name or address, a codicil might be appropriate.
3. Follow Proper Legal Procedures
Whether creating a new will or a codicil, ensure you follow the same legal requirements:
- Write the document clearly
- Sign it in the presence of two independent witnesses
- Have the witnesses sign in your presence
- Ensure witnesses are not beneficiaries
What to Include in Updates
1. Updated Personal Information
- Current addresses for all parties
- Updated names (if changed due to marriage, etc.)
- Current contact information
2. Revised Asset Distribution
- New assets acquired since the last will
- Changes in how you want assets distributed
- Updates to specific bequests
3. Updated Beneficiaries
- New family members to include
- Removal of deceased beneficiaries
- Changes in relationships with existing beneficiaries
4. New Executors or Guardians
- Updated executor appointments
- New guardianship arrangements
- Backup appointments
Common Mistakes to Avoid
1. Making Informal Changes
Never write changes directly on your will or make informal notes. These won't be legally valid.
2. Not Revoking Old Wills
When creating a new will, always include a clause revoking all previous wills to avoid confusion.
3. Forgetting About Digital Assets
Include passwords, online accounts, and digital assets in your updated will.
4. Not Updating Beneficiary Designations
Remember that beneficiary designations on life insurance and retirement accounts override your will.
Regular Review Schedule
Even without major life events, it's good practice to review your will:
- Every 3-5 years
- When tax laws change significantly
- When you reach certain milestones (retirement, children leaving home, etc.)
Conclusion
Keeping your will up to date ensures that your wishes are accurately reflected and that your loved ones are properly provided for. Don't let an outdated will cause confusion or unintended consequences for your family.
If you're unsure about whether your will needs updating or how to make changes, consider consulting with a legal professional to ensure your updates are properly executed and legally valid.
