When Should You Update Your Will?

December 4, 2024

It is very important to ensure you have a well-drafted and up-to-date Will to ensure your loved ones and assets are taken care of in the future.

However, knowing what circumstances require an update to your Will and when to do this can be confusing.

In this blog, we discuss some of the common questions concerning how to update your Will and when you should do this.

While we hope this will be helpful, it should not be taken as legal advice. If you need any further support, our Wills and probate solicitors will be happy to support you further.

To speak to one of our experts, please contact us today by calling 0800 1584147, emailing info@tayntons.co.uk or requesting a call back.

How often should I review my Will?

It is advisable to review your Will every two to five years or whenever a major change occurs in your life.

Events such as marriage, divorce, the birth of children, or a significant change in financial circumstances can affect how you would like your estate to be distributed.

Changes in inheritance laws or tax regulations may also impact your Will’s validity or effectiveness.

Regular reviews ensure your Will accurately reflects your current wishes and any changes in your personal or financial situation, reducing the chance of complications for your loved ones.

An experienced Private Client solicitor can help you review your Will and ensure it reflects your current circumstances and wishes.

What life events should prompt me to update my Will?

You should update your Will after any major life event that affects your family, finances, or personal wishes.

This includes changes such as marriage, divorce, the birth or adoption of children, or the death of a named beneficiary or executor.

Significant financial changes, such as buying a property, starting a business, or receiving an inheritance, should also prompt a review.

If you move to a different country or there are changes in tax laws or inheritance rules, updating your Will is advisable.

Regularly revising your Will every few years helps you provide maximum benefit to your loved ones and ensures your assets are distributed as you wish.

How do I update my Will?

To update your Will, you can either add a codicil or create a new Will. A codicil is a legal document that amends specific parts of your Will and must be signed and witnessed in the same way as the original Will.

For significant changes, it’s generally better to create a new Will to avoid confusion or claims that the Will is invalid further down the line.

Consulting a solicitor is advisable to ensure any updates to your Will comply with legal standards and accurately reflect your wishes.

Will changes in UK tax laws affect my Will?

Yes, changes in tax laws can affect your Will and the distribution of your estate.

Key changes to look out for include inheritance tax (IHT) thresholds and exemptions, which determine how much of your estate is subject to tax upon death.

Updates to capital gains tax or trusts can also influence how assets are managed and passed on.

It’s important to review your Will periodically and consult a solicitor or tax advisor to ensure it aligns with current laws and optimises tax efficiency for your estate.

The government’s latest budget review is a good example of this, as changes have been announced to Capital Gains Tax and Inheritance Tax.

Now would be a good time to consider reviewing your Will to ensure it reflects your current situation and maximises tax efficiency.

Get in touch with our Private Client solicitors

Looking for legal advice and support with Wills, Trusts, Lasting Powers of Attorney and Probate in Gloucester, Cheltenham, the Forest of Dean or anywhere in Gloucestershire?

Please contact our Private Client Team today by calling 0800 1584147, emailing info@tayntons.co.uk or requesting a call back.