Making a Will is one of those important jobs that can bring real peace of mind. Once it has been signed, however, it is easy to put it away somewhere safe and assume it will never need to be looked at again.
The trouble is that life rarely stands still.
Relationships change, families grow, finances move on and the people you originally chose to deal with your estate may no longer be the right choice. A Will that reflected your wishes several years ago may not achieve what you would want today.
So, how often should you review it?
A useful five-year check
As a general guide, it is sensible to review your Will at least every five years. The Law Society also recommends checking it every five years, as well as whenever there is a significant change in your circumstances.
A review does not necessarily mean that you will need a new Will. It may simply confirm that everything is still appropriate. However, taking a little time to check can help identify problems before they become much harder for your family to resolve.
You should however review your Will sooner if something important changes in your life.
You get married or enter a civil partnership
This is one of the most important reasons to seek advice.
In England and Wales, marriage or entering a civil partnership will generally revoke an existing Will unless it was specifically prepared in contemplation of that marriage or civil partnership. In other words, your previous Will may no longer be valid once the ceremony has taken place.
Without a valid replacement Will, your estate could be distributed under the intestacy rules rather than according to your own wishes.
If you are planning to marry, it is often worth arranging a Will review before the wedding rather than leaving it until afterwards.
You separate or divorce
Separation does not automatically change your Will.
Until a divorce or civil partnership dissolution is final, your spouse or civil partner may still benefit under your existing Will. This can come as an unpleasant surprise, particularly where a separation has been ongoing for some time.
Once a divorce or dissolution is final, the law generally treats your former spouse or civil partner as though they had died before you for the purposes of the Will. This can affect gifts made to them and any appointment of them as an executor.
You should check to see whether the rest of your Will will work as you would intend. A gift to your spouse or partner may now pass to somebody else under a substitute provision, or it may fall into the remainder of your estate. A gift to them of the residue will now go to those people you chose in substitution: this could include members of their family who you might not want to include any more. Reviewing the Will during separation and again once the divorce is complete can therefore be very important.
A child or grandchild is born
Preparations for the arrival of a your first child should definitely include a review of your Will, to ensure you have included them and any future siblings in your will, and have made suitable arrangements for their inheritance to be held until they reach a 18 (or older).
Parents of children under 18 should also appoint guardians for their children in their Wills. There are many factors to be considered and seeking legal advice at this point is recommended. You should review the appointment every few years to address changing family circumstances and relationships.
The arrival of a grandchild is often a good time to revisit your wishes. You may want to add a grandchild as a beneficiary, change how your estate is divided or include arrangements for money to be held until they reach a particular age.
Someone named in your Will dies
Your Will may name beneficiaries, executors, trustees or guardians who have since died.
A properly prepared Will may include alternatives, but this should not be assumed. Where there is no suitable replacement, the administration of the estate can become more complicated.
It is also worth reviewing matters if someone named in your Will becomes seriously ill, loses mental capacity, moves abroad or is no longer part of your life.
Your relationships change
Not every important relationship change involves marriage or divorce.
You may begin living with a new partner, become estranged from a family member or decide that you would like to include a friend, stepchild or charity.
Unmarried partners do not automatically have the same inheritance rights as spouses or civil partners. A Will is therefore particularly important if you want a partner to inherit from you.
Blended families can also create additional considerations. You may want to provide for a spouse or partner while ensuring that children from an earlier relationship ultimately receive an inheritance. This is an area where tailored advice can make a real difference.
Your finances change significantly
A Will that was suitable when it was prepared may no longer reflect the value or structure of your estate.
You should consider a review if you:
- buy or sell a property;
- receive an inheritance;
- sell a business;
- acquire assets overseas;
- make substantial lifetime gifts; or
- experience a major increase or decrease in wealth.
Changes to your estate may affect the value of gifts in your Will and could also create inheritance tax considerations.
Even if you don’t think your financial situation has changed much, over the course of some 15 – 20 years the value of your estate may have increased significantly in relation to the inheritance tax thresholds. Tax rules and allowances can also change over time, so arrangements that once appeared appropriate may need to be reconsidered.
You start or sell a business
Business owners should review their Wills alongside their wider succession planning.
Your Will may need to deal with business shares, partnership interests or arrangements for continuing the business after your death. It is also important to make sure that the Will works properly alongside any shareholder agreement, partnership agreement or company documents.
A change in ownership, business structure or succession plans should usually prompt a fresh review.
You change your mind about an executor
Executors are responsible for dealing with your estate, paying debts and taxes and distributing assets to the beneficiaries.
The people you originally chose may no longer be willing or able to take on the role. Your relationship with them may have changed, or you may feel that another person would now be better suited to the responsibility.
It is sensible to appoint substitutes in case your first choices cannot act.
Your Will contains a specific gift
Specific gifts can cause unintended problems if the asset no longer exists when you die.
For example, your Will might leave a particular property, investment or valuable possession to somebody, but you may later sell or replace it. In many cases, the beneficiary will not automatically receive the sale proceeds or a replacement item.
Regular reviews help make sure that specific gifts still exist and still reflect what you want to happen.
Can you simply write changes on the original Will?
No. You should never cross things out, add handwritten notes or attach informal instructions to a signed Will.
Changes must be made formally, either through a codicil or by preparing a new Will. A codicil must be signed and witnessed in the same way as a Will. For more substantial changes, a new Will is often clearer and reduces the risk of confusion.
It is also important that a new Will properly revokes the previous one and that the signing and witnessing requirements are followed carefully.
Reviewing your Will does not have to be complicated
A Will review is often a straightforward conversation.
Your solicitor will usually ask whether anything has changed in your family, relationships, finances or wishes. They can then check whether the existing Will still works as intended and explain whether any changes are needed.
Even where no amendment is required, the review can provide reassurance that your arrangements remain suitable.
Is it time to look at yours again?
If it has been more than five years since you made your Will, or your personal or financial circumstances have changed, now may be a good time to take another look.
Keeping your Will up to date makes things clearer for those you leave behind and helps ensure that your estate passes in the way you intend.
Our Later Life team can review an existing Will, explain whether it still reflects your circumstances and help you make any necessary changes. Please feel free to contact me alison.edwards@cognitivelaw.co.uk or call 0333 400 4499 to speak to a member of the team.