It's advisable to review your will at least every five years, preferably more often, even if you don't think any changes are necessary.
Common Reasons to Change a Will:
- You change your mind about existing gifts. - You acquire new assets to gift to loved ones. - You get married or divorced. - You have more children or grandchildren. - You wish to appoint or change your children’s guardians. - You wish to change your executors. - Changes in inheritance tax legislation require planning.
When is my will no longer valid?
Your will is automatically revoked if:
- You make a new will. - You destroy your existing will. - You get married or enter into a civil partnership without provision in your existing will.
How do I change my will?
- Draft a new will. - Draft a codicil for minor changes.
When to use a codicil:
A codicil is an addition to your existing will and is used for small changes such as:
- Changing executors. - Adding a new beneficiary. - Including a specific asset as a gift. - Changing percentages of distributions.
For multiple changes, drafting a new will is advisable.