A Will is one of the most important legal documents you can have. It ensures that your wishes are carried out after your death, gives clarity to loved ones at a difficult time and helps avoid unnecessary disputes. However, many people make a Will and then forget about it – sometimes for decades. Life rarely stands still, so it’s important to regularly ask yourself: do I need to update my Will?
The general rule is that you should review your Will every three to five years, or sooner if there are significant changes in your life.
Key signs it’s time to review your Will
1, A change in your family circumstances
Major family events are one of the most common reasons to revisit your will. You should consider an update if:
- You marry or enter into a civil partnership (in England and Wales, marriage usually invalidates an existing Will).
- You separate, divorce or dissolve a civil partnership. While divorce doesn’t void your will, it does treat your ex-spouse as if they had died for inheritance purposes, which can leave gaps in your wishes.
- You welcome children or grandchildren into the family. You may want to appoint guardians for minors or adjust how your estate is divided.
2, Buying or selling property
If you purchase a new home or investment property, or sell a significant asset, your Will may need updating to reflect these changes. A Will should be specific enough to direct how particular assets are handled, yet flexible enough to cover future circumstances. If your estate has grown or changed substantially, a review is wise.
3, Changes in financial circumstances
Whether you have received an inheritance, started a business or experienced a financial downturn, your Will should reflect your current financial situation. Updating your Will alongside these changes can help ensure your estate is distributed fairly and in line with your current wishes, as well as reduce the risk of tax inefficiencies.
4, Appointing or changing executors
An executor is the person (or people) legally responsible for managing your estate after you die. Over time, your original choice of executor may no longer be appropriate. For example, they may have moved abroad, become unwell or you may simply wish to appoint someone else you trust. A Will review allows you to check whether your executors are still suitable.
5, A change in the law
Occasionally, tax rules or inheritance laws change, which may affect how your estate is distributed or taxed. Seeking legal advice after major legislative changes can help you take advantage of any new allowances or avoid unexpected liabilities.
How do I update my Will?
Once a Will has been created, signed and witnessed, it can be amended at any time either by making a new Will or an additional document called a codicil that modifies a Will or a part of one.
In the event of a major update, it’s often easier and more appropriate to create a new Will with the updated information and your current preferences.
How much does it cost to create a Will?
The cost to create a Will can vary, depending on how complicated your estate is and whether you use a solicitor or another type of provider. Here’s a general breakdown:
- DIY or unregulated Will writers: These services often cost between £20 and £100. They can sometimes appear to be a satisfactory option for very simple, straightforward situations but may not cover complex needs such as blended families, inheritance tax, dealing with potential disputes or avoiding nursing home fees, and can be a false economy if it turns out they are not fit for purpose. Knowing whether a simple Will is appropriate or not is also not always easy to ascertain.
- Solicitor-drafted will services: A Will created through a solicitor typically costs between £150 and £500, depending on the complexity of your estate and your circumstances. Whilst more expensive, this option involves legal expertise, more flexibility and, most importantly of all, peace of mind as those working in firms of solicitors are highly trained, tightly regulated, and, unlike other options, carry mandatory insurance in order to protect their clients.
For legal advice about creating or updating your Will, contact Amicus Law Solicitors today.