Wills Executive, Judith Hurle discusses why and how often you should review your will.
Firstly, well done on having written your Will in the first place! It’s an important document that will save your loved ones a lot of heartache in the future. However, as life changes, you may change your mind about some of the decisions you made in your Will.
Why and how often should you review your Will?
It is important to review your Will every few years. A lot of clients forget to do this and twenty years later realise that their Will is extremely out of date and no longer reflects their wishes.
For example, you may have lost touch with your Executor, so you need to appoint a new one. You may have inherited a family heirloom that you wish to pass on.
>If you marry or enter into a civil partnership after making a Will, then the Will is revoked by such marriage or civil partnership. It is important to note that a divorce does not revoke a previous Will made; it is simply read as though your spouse or civil partner died before you. Therefore, it’s vitally important that you update your Will either during the divorce process or as soon as possible after your Decree Absolute has been pronounced.
It is also important to keep an eye on the changes in law relating to Inheritance Tax and pensions.
How can you amend your Will?
Updating your Will is usually very easy with a solicitor. An appointment will be made for you to sit down with your lawyer to talk through your existing Will and then discuss the possible changes you wish to make. Your lawyer will advise you on the up-to-date Inheritance Tax allowances and how these may have changed since making your original Will. Once the new Will has been signed, your old Will is automatically revoked.
What is a ‘Codicil’?
Clients may have heard the term ‘Codicil’ when talking about amending your Will. A Codicil is a separate document that can be executed to make very minor amendments to your existing Will, such as changing your Executor or funeral wishes. The document runs alongside your existing Will. Each law firm is different, but at Amphlett Lissimore we believe it is safer for the client to make a new Will. The reason for this is a Codicil could be lost or the Executors may not adhere to the new instructions.
How much does amending a Will cost?
If a client has already made their Will with Amphlett Lissimore then we will prepare an amended Will at a reduced fee. In other circumstances, our fees vary for this service, but we will always let you know the cost before you instruct us.
Would you like to amend your Will?
Our Private Client team are here to help and explain everything clearly, without any legal jargon, when writing or amending your Will. The specialist team can assist you with single or mirrored simple Wills or more complex Wills involving Trusts. Our lawyers can advise on Inheritance Tax, and we will also store your Will for free.
About the Author
Judith Hurle is a Wills Executive in our Private Client team and specialises in Will writing and setting up Lasting Powers of Attorney. Judith works from both our West Wickham and Crystal Palace offices and is also available for telephone and video appointments, if you are unable to attend a meeting at our offices.
