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When is my will no longer valid?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.