Is your Will up to date?
Your Will and who you wish to benefit from it can substantially change if you do not keep it up to date to reflect your current circumstances. It’s a good idea to review your will every now and then to make sure it still says what you want it to say.
In the event that any of the following occurs please contact a professional will writer or solicitor to help you with the update:
- If you marry after the date your Will was signed (your Will is automatically revoked on marriage, unless it was written “in contemplation of marriage”)
- If you divorce or have your marriage annulled or it is declared void after the date your Will is signed. (Any appointment of your former spouse as executor will be cancelled and any gift to your spouse will be also void)
- If you change your name or anyone stated in your Will changes their name
- If you have children or grandchildren – you may want to change who gets what
- If an Executor or Trustee dies or is unable or unwilling to act
- If you have made provisions for a gift to a beneficiary which you no longer own
- If your estate increases substantially in value then your estate may become liable to pay Inheritance Tax
- If you acquire assets in a foreign country or make a foreign Will
You shouldn’t alter the original Will document. If you would like to make significant changes to the Will, then it might be better to write a new Will. If you do write a new Will you can revoke the old one by destroying it.
There are two ways to update your Will:
1.Using a codicil
There are no rules about what you can change using a codicil – it could be anything from a single word to many different sections of your will. But it’s a good idea to use codicils only for very small changes, because they can make sorting out your will more complicated when you die. The disadvantage is that a codicil should be kept with your original will. (codicils can get lost and raise questions over the original will)
2.Writing a new will
This is usually the best option, especially if you want to make anything more than very small changes. It’s just like writing your will for the first time, but with a few extra things to look out for.
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This message was added on Tuesday 19th April 2016