Updating your will is an essential part of keeping your estate planning up to date. Life events like marriage, children, divorce, or a change in financial status can impact your will. At Grey-Smith Legal, we provide clear, reliable advice on the best ways to update your will, whether through a codicil or a completely new document. This guide will walk you through the options available to you and help you decide what’s best for your situation.
When Should You Update Your Will?
It’s important to update your will regularly, especially after significant life events. These are the key milestones when you should consider updating your will:
- Marriage or Civil Partnership: In England and Wales, marriage automatically revokes any previous will unless it was made in contemplation of the marriage.
- Divorce or Dissolution: Divorce revokes any gift to your ex-spouse and any appointment of them as an executor or trustee. However, the rest of the will remains valid unless you choose to change it.
- The Birth or Adoption of Children: If you have children, you need to appoint guardians and ensure they are financially provided for in your will.
- Significant Changes in Financial Situation: Whether you’ve acquired new assets, bought a property, or had a significant financial change, your will should reflect your updated financial situation.
- The Death of a Beneficiary or Executor: If someone named in your will passes away, you’ll need to review your will to see if any changes are needed.
- Change in Personal Circumstances or Wishes: You might want to change who inherits your assets or how your estate is divided. Personal wishes, such as your preferences for funeral arrangements, can also be included in your will.
What Is a Codicil?
A codicil is a document that allows you to make minor amendments to an existing will without the need to rewrite it. It’s ideal for making straightforward updates such as:
- Changing the name of an executor or trustee.
- Adding or removing a beneficiary.
- Updating specific bequests, such as gifting personal items or monetary amounts to different people.
While a codicil can be convenient for small changes, it’s important to be cautious. If multiple codicils are added to an old will, they can create confusion, especially if the codicils contradict each other. In some cases, creating a completely new will may be more effective and clearer than adding codicils over time.
To be legally valid, a codicil must be signed and witnessed in the same manner as your original will. If you are unsure about the best option, consulting with a solicitor can ensure the process is done properly.
When Should You Draft a New Will?
In some situations, creating a completely new will is the better choice. This is particularly true when:
- You’ve made multiple changes: If your will has been updated several times with codicils, it can become confusing and complex. A new will is clearer and reduces the chance of disputes.
- Significant changes have occurred: If you’ve had a major life change, such as a new marriage, divorce, or the birth of children, a new will may be the best option to ensure your wishes are correctly reflected.
- The old will is out of date: If your original will no longer reflects your intentions or has been poorly drafted, drafting a new will ensures everything is in line with your current situation.
A new will is typically more straightforward than trying to navigate multiple codicils, especially if your estate has grown or your family situation has become more complicated.
How to Update Your Will
Updating your will involves several clear steps. Here’s how the process works:
- Review Your Current Will: Start by reading through your existing will to see which areas need updating. Make a list of the changes you want to make, such as adding or removing beneficiaries or changing your executor(s).
- Decide on a Codicil or New Will: Based on the changes, decide whether a codicil is sufficient or if it’s better to draft a new will. If you have multiple changes or if your will is becoming too complicated, a new will may be the best choice.
- Seek Legal Advice: It’s a good idea to consult with a solicitor when making changes to your will. A solicitor can ensure that your will is legally sound and avoid any potential issues down the line.
- Sign and Witness the Document: Make sure the document is signed and witnessed correctly, whether it’s a codicil or a new will. For a will to be legally valid, you need to sign it in front of two independent witnesses who must also sign the document in your presence.
- Store the Will Securely: Once your will is updated, store it in a secure location. You can leave it with your solicitor, a bank, or in a secure will storage service. Make sure your executors know where it is kept.
Why Choose Grey-Smith Legal?
At Grey-Smith Legal, we offer expert assistance with will-making and amendments. Whether you’re drafting a new will or adding a codicil, our Private Client team ensures that your will is legally valid and clearly reflects your wishes.
We offer flexible appointments and can meet with you at home, in the hospital, at a care home, or in our office, whichever suits your needs best. We also provide secure will storage, ensuring that your will is safely kept and easily accessible when needed.
To find out more about our will-making and amendment services, contact us today to schedule a consultation.
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