Updating Your Will: When and Why – Discuss life events that necessitate updating a will and the importance of keeping it current

Were you also astonished like the Thrombeys when at the reading of Harlan’s will, Marta is bequeathed his entire fortune in the film Knives Out? Did you see the following mess in the story caused by the content of the will? A formally witnessed and signed will is so powerful that it can generate a significant impact in an entire family. But unlike the film, a will in real life can mitigate the risk of family disputes and make sure you do not pay more inheritance tax than you need to by helping you decide what happens to your money, property and possessions after your death. 

Well, do you think that everything is done after you write your will and get your will formally witnessed and signed to make it legally valid? The answer is NO. You should still keep an eye on updating your will by making an official alteration (called a ‘codicil’) or making a new will.

A suggestion provided on the UK government website indicates that individuals should review your will every 5 years and after any major change in one’s life. The major changes includes but not limited to: 

• getting married
• getting divorced
• having a child
• moving house
• if the executor named in the will dies

Getting Married

According to the Inheritance Tax Manual posted on the UK government website, it is still a general rule that marriage automatically revokes a Will in England, Wales, and Northern Ireland. If you do not make a new one, your estate will be distributed according to the rules of intestacy, which may not align with your wishes.

Getting Divorced

If your marriage is ended by a court order (like divorce or annulment) your will is not void or invalid. What happens is that they will be treated as if they died before the deceased, meaning any gift to your former spouse or their appointment as executor will not take effect.

Having a Child

If you are having a child, you will need to update your will so that arrangements for the children can be made if either one or both parents die. This is more than detailing how your Estate is divided up, you can also appoint a Legal Guardian for anyone under 18 years of age. Without your legally documented wishes, the decision could be left to the Family Courts to appoint a Guardian, who could well be someone you would not want.

Moving House

Moving house means you will have a new property, which may need to be included in your estate. Moving house can involve selling or acquiring new properties, or investing in different assets. Besides, your will should include an up-to-date address to avoid confusion after you die. This may also impact your update on executor or beneficiary addresses.

If the Executor Named in the Will Dies

Inheritance Tax Manual also mentions that lapse occurs when a gift made in a Will fails because of the death of the legatee or devisee in the testator’s lifetime. Where the legacy or device is anything other than residue, that property will normally fall into residue. Therefore, you should update your will to appoint a new executor to manage your estate and ensure there’s someone legally authorised to carry out your wishes after your death.

According to the Bristol Census 2021 Dashboard, Bristol was the fastest growing of all the core cities in England and Wales over the last decade. There were almost 62,000 live births and 34,000 deaths registered in Bristol between the 2011 Census and the 2021 Census. This represents a natural increase of approximately 28,000 usual residents. What’s behind the increased numbers is the growing mutual connection among Bristol residents and that the frequency of major events happening on every Bristol resident will therefore increase. Hence, the necessity to update your will on a regular basis is worthy of special attention.

According to the UK Wills and Probate Market 2020: Consumer Research Report, only 36% of the adult population of the UK have currently written a Will and 18% of those adults will not have updated it in the past 5-10 years, and 15% will not have reviewed it for more than a decade. Furthermore, 10% have undergone a divorce, marriage, civil partnership or remarriage without reflecting their lifestyle changes in their Will in over 10 years. All this indicates that neglecting to review the document might cause even greater heartache for loved ones further down the line.

As life circumstances change, your desires for how your assets should be distributed may also change. Regularly updating your will ensures that it accurately reflects your current wishes, especially after major life events such as getting married, getting divorced, having a child, or moving house, etc. An up-to-date will helps minimise the risk of family conflicts and legal disputes after your death. Clear, current instructions prevent misunderstandings and provide clarity to your beneficiaries, reducing the likelihood of contentious situations during an already difficult time.  Regularly updating your will also ensures that your estate will be handled exactly as you intend, protecting the interests of your loved ones. Remember, your will is a living document, and its relevance depends on your commitment to keeping it current.

If you would like to learn more about updating your will, please visit our provided services on the website: http://bristolwillwriting.co.uk/ or contact us on 0117 214 0228 or via email at info@bristolwillwriting.co.uk.