Once you’ve written your will, it’s a relief to know that your wishes are officially documented. However, life is full of changes, and what seemed like a perfect will today may not be in the future. Whether you’ve had a change in family circumstances, gained or lost assets, or simply have a change of heart, it’s important to know that you can update your will. Let’s go through how to change your will, why you might need to, and the process involved in ensuring your latest wishes are legally binding.
Why Might You Want to Change Your Will?
There are several reasons you might need to update your will after it’s been created. Here are a few common scenarios:
- Changes in Family Dynamics: If there’s a new addition to the family (like a baby or a new spouse), or if relationships change (such as a divorce or estrangement), you might need to adjust your will to reflect those changes.
- Acquiring New Assets: If you’ve purchased new property, received an inheritance, or acquired other significant assets, it’s a good idea to update your will to ensure these are included.
- Change of Beneficiaries: If you decide to include different people as beneficiaries or want to remove someone, you will need to amend your will.
- Changes in Legal or Tax Considerations: Changes in law, such as tax laws or inheritance laws, might require you to revise your will to ensure it still works in your best interest.
- Clarifying Ambiguities: Sometimes, as time passes, you may realise that certain provisions in your will aren’t clear or may lead to confusion. It’s important to make adjustments to ensure your intentions are properly understood. Contact Skylark Hill Solicitors LLP if you want to do this.
How to Change Your Will: The Two Main Methods
When you want to change your will, there are two primary ways to do so: through a codicil or by creating an entirely new will.
- Creating a Codicil
A codicil is a legal document used to make minor changes to your existing will without having to write a completely new one. A codicil can be used for small amendments, such as adding a new beneficiary, altering a gift, or changing the executor. The codicil must be signed, dated, and witnessed in the same way as a will. This method is often quicker and easier if you only need to make small adjustments.
- When to Use It: A codicil is suitable for minor updates that don’t completely change the structure of your will. If the changes are more significant, it may be better to rewrite your entire will.
- Considerations: Keep in mind that a codicil doesn’t replace your original will; instead, it becomes an addendum to it. If there are multiple codicils over time, it can sometimes lead to confusion or complications if not handled carefully.
- Writing a New Will
If the changes are substantial — for instance, if you’re changing most of your beneficiaries, assets, or the distribution of your estate — you may prefer to revoke your existing will and create a new one. This way, your new will will supersede any previous versions.
- When to Use It: When you have significant changes to make, such as large changes in assets, beneficiaries, or your family situation, it’s better to write a completely new will to avoid any confusion.
- Considerations: If you choose to write a new will, make sure that you explicitly revoke the old one to prevent any confusion or conflict. It’s also important to destroy or properly store the old will to avoid it being found and mistakenly used.
The Consequences of Dying Without a Will
Nobody wants to think about what will happen when they die. But, if you have family and a lot of assets, this is a situation that you need to consider. While you might think that it’s morbid to think about creating a will, making one now when you have time means that you can make the right decisions. To understand the importance, let’s take a look at what happens when you die without having a will.
Loved Ones Can Be Left Out
While there are intestacy rules in the UK, this doesn’t mean that they’ll follow your wishes. For example, if you have stepchildren, they’re not going to get anything from your estate unless you have a will. So, even if you’ve had a relationship with them for 20 years, this won’t count. Indeed, you won’t be able to give to close friends and even some cohabiting partners. A will gives you the freedom to give your assets to whoever you love.
It Can Take a Long Time
Don’t forget that the courts have to work everything out before the estate and assets can be shared. Therefore, it can be a lengthy process which involves proving who people are and what a person owned before death. If you want to ensure that your loved ones don’t go through that additional stress, it’s best to have a will.
Additional Costs
Let’s not forget that it’s not just more time that’s required when someone dies without leaving their final wishes. More money is going to be used for legal costs. This is going to come from your estate, which can lower how much your loved ones will receive. In comparison, a will is much cheaper.
There Can Be Disputes
Often, money is a cause of arguments after someone’s death. This is something that you want to avoid since you want the family to come together after a difficult time. Having a will makes sure that nobody can fight.
Conclusion
The good news is that you’re not stuck with the will you’ve made if your circumstances change. Whether it’s a simple codicil or a completely new will, updating your will ensures that it always reflects your current wishes. Be sure to follow the legal requirements, avoid potential pitfalls, and regularly review your will to keep everything up to date. If you’re unsure about how to proceed, it’s always a good idea to consult a solicitor who can help you navigate the process. That way, you can rest easy knowing that your estate will be handled exactly how you want it to be.
