Changing a Will to Reflect Life Events

There are a number of different life events that could affect the terms of your will and, if you fail to take them into account, there could be serious unintended consequences. Even an original, legally valid will may be called into question if the intentions outlined in the document no longer make sense based on your circumstances.

If you created your will years ago and don’t remember the exact instructions for executors, it is important to consider whether it may now need to change. Similarly, if you are going through certain major life events that could affect the contents, consider whether you need to update your will as part of the process.

Just because your will is valid, it doesn’t mean that it is complete and you’ll never have to look at it again. Some of the significant life events that may impact your will are included below. Your will should be a complete, but working document that you check every few years. In order for a will to be valid, it should be voluntarily made by someone who is 18 years old or older. The will should be presented in writing, signed by the person who made it and two witnesses who were present when the testator signed the will.

It is best to work with a solicitor rather than writing your own will, or using a will writing service, as there may be additional legal considerations to make. For example, certain decisions could affect the value of your estate, which could have implications for Inheritance Tax. Here, the experts at Percy Hughes & Roberts Solicitors have outlined some of the key life events that should be taken into account in your last will and testament.

Which major changes warrant changing a will?

If you are facing any of the following life events, you should consider changing your will. In some cases, this is simply to take account of an asset you have acquired, while in others, these changes will affect the structure of your estate. Alongside that, aspects such as the value of your estate and whether or not it exceeds the Inheritance Tax threshold will also be affected. Further, if a will does not match your estate, it could be declared invalid, which can mean that a previous will becomes the only legally valid option. Alternatively, your estate may be distributed according to the rules of intestacy in these cases.

Life events that warrant changing your will include:

Getting married or divorced

If you remarry or enter into a civil partnership, your previously existing will may become invalid, and you may need to write an entirely new will to make sure your specific wishes are followed after you die. Entering into a marriage or civil partnership automatically revokes

your existing will, unless the will contains a provision to the contrary, such as through the inclusion of a contemplation of marriage clause. Destroying or revoking your original will and

making a new one is sometimes the best approach to account for your intentions, rather than trying to amend a previous will.

In addition to a wedding affecting a will, going through a divorce can also have an impact on your estate. A divorce does not revoke a will; however, once the final order has been issued, the former spouse of the testator will no longer have any right to inherit from your will or under the intestacy rules.

This means that any instructions in the will to leave assets to a spouse or civil partner will be disregarded. The assets which would have been distributed to the former partner may instead be redistributed amongst the other beneficiaries. Clearly, this may not be the ideal scenario and may not match your intentions. As such, we would recommend changing your will so that you can decide for yourself how your assets are to be distributed.

The death of a family member

If you experience a death in the family, you may need to go back to your will to redistribute any assets that would have gone to the deceased; unless, that is, you have already specified who will receive these assets in the event of a death. When working with a professional will writer, such as a solicitor, you will usually be encouraged to include substitutions like these.

If you don’t reallocate these assets (either by including substitutions in the original will or by amending it later), then the failed gift will be returned to the residue of your estate, which could cause issues for your executors.

Births

When your family grows and a new child is born, you may wish to redistribute your wealth evenly. In such cases, it is important to revisit your will to make sure the new addition is included. If you do not include the new beneficiary, they will not be entitled to inherit and must instead rely on an original beneficiary to share a gift from your estate with them.

Many new parents may not have an existing will. If this is you, this means that, should anything happen to you or your spouse, your child may not be protected in the way you wish. We have a guide to will writing for new parents that can explain to you why you should make a will or update an existing one, including what happens if you don’t, and the key things to include in your will for your children. Whether it involves minor alterations or completely rewriting the will, this is the only way to add beneficiaries and make sure they are adequately provided for.

Moving house

Your will should be reviewed if you move home to ensure it considers the new property, and that it is not affected by the disposal of the old property.

This is particularly true when considering the way in which you own a property with someone else. If you own a property with someone as “joint tenants”, the property automatically passes to the surviving proprietor when you die, regardless of what you have stated in your will. If you own a property with someone else as “tenants in common”, you can control where the share of the property passes under the terms of your will. You should prepare your will with this in mind, as the provisions of an old will may not apply if the arrangement of your property ownership changes.

It is also best practice to keep your address up to date in your will, although an incorrect address does not affect the validity of the document. You can simply write a note of your new address and place it with the document - you do not need to change your will simply to amend an address. However, you may need to speak to a solicitor if they are storing your will on your behalf.

How to update your will

If you want to update your will, it is important to consider whether you only want to make a minor change or if you need to rewrite the current document and create a new one. You have the option to add a codicil if you only want to make minor changes to a previous will, but you may need to create a brand new will if you want to make larger changes.

Our expert team of will writing solicitors will be able to let you know if you need to rewrite your will. We can also get the process started on your behalf, and help you to consider all the possible outcomes of your decisions to make sure that changing a will does not result in beneficiaries left worse off and that the new will continues to meet your needs.

What is a codicil?

A codicil is a legal document that allows you to amend an existing will. It acts as a supplement and can explain, modify, or revoke certain parts of your will. The advantage of using a codicil to alter a will is that it avoids the need to write a new will altogether and it is often a cheaper option if the changes you want to make are not widespread.

Using a codicil, you can make minor changes to the original document, such as:

• Changing the executors named
• Updating beneficiaries - such as adding a new grandchild or other relative
• Removing beneficiaries - such as an ex-partner or someone who has predeceased you
• Updating gifts
• Amending guardian selection
• Changing funeral wishes

Codicils are intended for when minor changes are needed. If you are getting married, going through a divorce, or have a new addition to the family, a completely new will is recommended.

There is no limit to how many codicils your will can have. However, it can be confusing for executors if there are many minor amendments to deal with. Now that wills are kept electronically, it is straightforward and often more cost-effective to update a will rather than making a codicil. A codicil must be witnessed in the same way as a will, to prove that you are making the decision of your own free will and are of sound mind with the mental capacity to do so. As such, it can take the same amount of time to produce a new will as to add a codicil.

Writing a new will

If you have been through a major life change and need to update or rewrite your will, our expert will writing solicitors can assist. We can review your current will and let you know what needs to change based on your new life circumstances.

If you fail to amend your will, this could leave friends and family members in a difficult situation, make certain gifts impossible to deliver, and even affect the value of your estate for tax purposes. While beneficiaries can seek a deed of variation to amend or correct your will after you die, it is best to get the document right in the first place.

Speak to our experts today about writing a new will, updating an old one, or the additional estate planning and will writing services we offer.