When Should I Update My Will?

May 5th, 2023
Morrish Solicitors
Wills & Estates

You should update your will when significant changes happen in your life. It is vital your will is up to date and reflects your current circumstances as failure to do so can cause unnecessary stress and worry for your loved ones when you die. Typically, we recommend you should review your will every five years to make sure that it still reflects your circumstances, and to find out if there are any changes to the law e.g., inheritance tax, that may impact your current will. It is also advisable that you update your will after any major change in your life.

Six times you should consider updating your will:

Buying or selling a property – When you buy or sell a property then you should review your will. If you own your own home, the ownership of the property will determine whether it can be passed on in your will. Owning a property with someone else makes it more complex. For example, if your property is owned by you and your partner held in a joint tenancy agreement, then your half of the property will automatically pass to the surviving joint tenant. Whereas, if the property is held in a tenancy in common agreement, you can leave a share of the property to someone in your will. That person would then become a tenant in common with the other surviving joint tenant.
Marriage or civil partnership – After getting married or entering a civil partnership any existing wills are automatically revoked and are no longer valid. If you decide not to make a new will then the law of intestacy decides how your assets are divided after your death without your wishes being reflected.
Have children or grandchildren – When you have a child or new grandchildren you may want to review your will. Also, if you have children under the age of 18, you may want to specify in your will who will be the legal guardian of your children in the event of both parents’ deaths.
Get divorced or dissolve civil partnership – It is important to note that being divorced or dissolving a civil partnership does not cancel the existing will in place, and failing to update your will based on your new circumstances could have serious consequences for your estate. It is recommended you make a new will to ensure your estate is divided up in the way you want, and to provide for your children.
Change in financial situation or value of assets – You should review your will when there is a change in your financial situation. If the value of your assets goes up or down you should reflect this in your will.
After a death – If someone named in your will has died, then you should review your will and remove their name. For example, if a beneficiary of your will has died, you should update your will with who you wish to receive this inheritance.