Life never stands still. Whether it’s a major life event like getting married, a change in your finances, or new additions to your family, things change. In each phase of your life, your priorities are likely to shift, so it’s essential to keep your will up-to-date.
The truth is, keeping your will updated is just as important as writing it in the first place.
Wills should be reviewed every 3–5 years or after any major life change, such as a marriage, divorce, birth of a child, or significant changes to your financial situation. Keeping your will up to date ensures it reflects your current wishes and remains legally valid.
In this blog, we’ll guide you through why updating your will matters, when to do it, and how to make sure your estate planning is always relevant. By the end, you’ll know exactly what to do to ensure your loved ones are cared for in the way you intend.
If you want to change your will or write one from scratch, talk to the experts at MW Legal Services or write your will online in as little as 10 minutes.
Why updating your will is important
A will isn’t something you write once and forget about – it’s a document that should change as your life does.
Failing to update your will can cause serious issues for the people you care about most. For instance, your original will might leave assets to an ex-partner or fail to name a new child.
Outdated wills can also create disputes or delays for loved ones at an already difficult time. Regular updates ensure that your wishes are clear and that your estate is distributed with ease and according to your wishes.
When should you update your will?
Major life change
A major change in your life, like getting married, divorced, or entering a civil partnership, can have a huge impact on your will. Marriage automatically invalidates your previous will unless it was written with that in mind. Divorce doesn’t revoke your existing will but in that will your ex-spouse will be treated as if they’ve died before you which can still impact on who inherits your estate so it’s wise to update your will after a Divorce.
If you are recently married or divorced, it’s essential to update your will so it reflects your current situation and wishes. Add it to your checklist of all other documentation that requires updating so that it’s not overlooked or put off.
Changes in financial circumstances
Whether you’ve inherited money, bought a new property, or started a business, any significant change to your financial situation should prompt a review of your will. These updates ensure your assets are distributed according to your wishes and help avoid potential disputes down the line.
Similarly, if your finances have changed in the opposite direction, updating your will can help set realistic expectations for your beneficiaries.
Changes in relationships
Life has a way of reshuffling priorities. New relationships, children, or grandchildren may need to be included in your will, while other relationships may no longer play the same role. If you’ve welcomed new children into the family or had a falling out with someone named in your will, it’s a good idea to make those changes official.
Inheritance tax
Tax rules don’t stay the same forever, and changes to inheritance tax thresholds could affect how much of your estate is passed on to your beneficiaries.
Your estate may also grow over time, meaning your loved ones may face a higher inheritance tax bill.
Updating your will in response to these changes can help minimise tax burdens and ensure your assets go to those you care about.
For example, setting up trusts or taking advantage of the Residence Nil Rate Band can help to reduce IHT liability significantly.
How to update your will
Updating your will is simpler than you might think. You have two main options:
- Add a codicil: A codicil is an official alteration to your existing will. It’s useful for small updates, like changing the executor named or adding a single beneficiary. There isn’t a limit to how many codicils you can add, but if the changes are significant, it may be better to start from scratch and write a new will. However, we always recommend a new will so your Executors only have one document to work from, not a will and a codicil.
- Write a new will: For more significant changes, such as revising how your entire estate is distributed, it’s often better to create a new will. When you do this, make sure it states clearly that it replaces all previous wills to avoid confusion.
A friendly, professional will-writing service can guide you through this process, ensuring your new will is legally binding and aligns with your wishes.
What happens if I don’t update my will?
If you don’t update your will after a major life change, your beneficiaries will face the consequences.
Here are a few examples:
- Old and outdated beneficiaries: An old will might leave money or property to an ex-partner or exclude new children or grandchildren.
- Unclear intentions: Your current wishes may not be accurately reflected, leaving loved ones to interpret your intentions. This can be very stressful and drawn out.
- Tax implications: Without updates, your estate may be subject to higher inheritance tax, reducing what your beneficiaries receive.
Keeping your will up to date gives you peace of mind and ensures your estate is handled as you intend.
Need your will updating? Contact us
Updating your will doesn’t have to be stressful. At MW Legal Services, our friendly and professional will writers are here to help. Whether you’re making a minor tweak or creating a brand-new will, we’ll guide you every step of the way to ensure your wishes are clear, legally valid, and fully up to date.
Our clients benefit from an efficient online will-writing platform. You can create a legally valid will from the comfort of your home in as little as 10 minutes. For those who prefer a personal touch, we are happy to conduct professional home visits where possible or video / telephone call if we can’t get to your home.
Talk to a wills expert today to discuss your needs and find out how we can help you protect your loved ones and assets.
Frequently asked questions – how often should wills be updated?
What happens to my previous will after updating it?
When you update your original will, your new will should clearly state that it revokes all previous wills. Once this is done, your old will is no longer valid and should be destroyed so it can never be used.
How many times should you update your will?
There’s no set number of times you should update your will. Most people review their will every 3–5 years or after big life events, such as changes in marital status, financial circumstances, or the birth of children or grandchildren.
How much does it cost to update a will in the UK?
The cost of updating a will depends on the complexity of your changes. For a tailored quote, get in touch with MW Legal Services to discuss your requirements.
