How to update your will when your wishes change

It’s entirely normal for your personalcircumstances and priorities to change over time. A will created a decade ago –or even just a few years ago – may no longer accurately reflect your currentfamily structure, financial goals, or life situation.

As these priorities evolve, it’s important toensure your estate plan remains up to date too. Updating your will when yourwishes change is a key part of that.

Keep reading to discover why you may need toupdate your will, as well as how to go about it.

Several key events could mean your existingwill no longer reflects your wishes

There are many reasons why you may need toupdate your estate plan, and common life events could include:

·  Major lifemilestones – Marriage orcivil partnership, divorce, or the birth of children or grandchildren.

·  Financialchanges – Buying a new home, receiving aninheritance, selling major assets, or starting a business.

·  Changingrelationships – A namedexecutor, trustee, or guardian may have passed away, moved abroad, or becomeunable to act. Alternatively, you may wish to adjust how your estate is splitamong your beneficiaries or include a charitable legacy.

Note:Marriage or civil partnership immediately revokes an existing will underEnglish, Welsh, and Northern Irish law, unless made in specific contemplationof that marriage or civilpartnership.

Ultimately, whatever the reason for thechange, ensuring your documentation remains up to date can give you peace ofmind that your assets and estate are handled appropriately and with care afteryour death.

You can update your estate plan in one of twoways

There are two primary legal methods forupdating your will: adding a codicil or rewriting your will completely.

A codicil is a formal legal document that actsas an amendment or supplement to your existing will. It allows you to makeminor changes, revocations, or alterations without the need to redo your entiredocument.

·  When to usea codicil: These are best suited for minor orstraightforward adjustments, such as changing an executor, updating an address,or altering a specific cash gift to a beneficiary.

·  When torewrite your will: This is bettersuited for major life events, such as marriage, divorce, significant shifts in howyou wish to distribute your assets, or complex changes to trust structures. Attemptingto make multiple changes using codicils can cause confusion, ambiguity, andeven legal challenges later.

The best option you will depend entirely onyour personal circumstances, but consider the above points as guidelines.

Following clear, practical steps ensures thatyour changes remain legally valid

Option 1: Adding a codicil for minor changes

1. Draft the document clearly: The codicil must explicitly refer to youroriginal will, including its date, and clearly state which clauses you havemodified, added, or removed.

2. Select your witnesses: Witnesses must not be named beneficiaries in the original will or the codicil, nor can they be married to one.

3. Execute it correctly: A codicil must be signed and witnessed by twoindependent witnesses, who must also sign in your presence. This is exactly thesame as when you wrote the original will.

4. Store it safely: Keep the codicil stored securely alongsideyour original will so that your executors can present both documents togetherduring the probate process.

Option 2: Writing a new will for major changes

1. Outline your new wishes: List your current assets, beneficiaries,guardians, and chosen executors.

2. Include a revocation clause: Your new will must contain a standard clauseexplicitly stating that it revokes all former wills and codicils.

3. Sign and witness: Like any legal will, signing must occur inthe presence of two independent witnesses who will also sign the documentalongside you.

4. Destroy the old document: To prevent confusion or potential disputesdown the line, safely destroy your previous will and any associated codicilsonce you have executed a new, valid will.

Following these steps helps ensure that yourwishes are legally sound and easy for your executors to interpret and execute.

Regular reviews ensure your supportingdocuments match your current priorities

Reviewing your will every three to five years,or whenever a major life event occurs, is a fundamental part of good financialhousekeeping.

Planning ahead means that your estate planaccurately reflects your intentions, minimises potential tax issues, andprotects the people and causes that matter most to you.

This is something we can help with.

Get in touch with us today to learn more.

Please note:This article is for general information only and does not constitute advice.The information is aimed at individuals only.

All information is correct at the time ofwriting and is subject to change in the future.

The Financial Conduct Authority doesnot regulate estate planning or will writing.

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