The importance of having a will cannot be stressed enough – without one, your possessions will be distributed according to the strict rules of intestacy which may not reflect your wishes.
In most parts of England and Wales, if someone dies without a will and has no surviving relatives, their estate passes to the Treasury. However, in certain areas – such as those falling within the Duchy of Lancaster or Duchy of Cornwall – the estate may pass to the Duchy instead. This is just one example of how outcomes can vary and why it is so important to have clear instructions in place through a valid will.
‘Aside from ensuring that your estate goes to people or organisations that you care about,’ says Amy Read, a Partner in the Private Client team at WBW Solicitors in Newton Abbot. ‘It is equally important to review your will regularly and update it as your circumstances change, as a lot can alter between the drafting of a will and death.’
Marriage and divorce
If you draw up a will before you get married, it becomes invalid after the wedding, so you will need to have another drawn up to avoid falling foul of the intestacy rules.
Similarly, a new will may be needed if you divorce or dissolve a civil partnership. Although these events do not invalidate a will, your ex-spouse will be treated, in law, as having died when the divorce goes through and so would receive nothing.
Birth or adoption
Each time you have or adopt a child you may need to update your will to ensure they named as a beneficiary. You may want to do the same for new grandchildren. You can also name a guardian in your will to ensure your children are cared for if something happens to you when they are still minors.
Following a death
If one of the beneficiaries you have named in your will passes away before you, you may wish to remove them from your will and choose a new person to inherit their share.
A house move
You should revisit your will if you move house. If you are purchasing a property with another, your conveyancer will ask whether you wish to hold the property as “joint tenants” or “tenants in common”. The answer to this can have a significant impact on your will. You will want to reflect on your will before making this decision.
Change in your financial position
You will usually need to change your will if you come into a large amount of money and want to earmark it for specific beneficiaries. Even if your will does not need to be changed, it is important to review your will with your solicitor. They can explain the inheritance tax consequence of the increased value of your estate and how you may make the most of inheritance tax exemptions and reliefs. Conversely, if your wealth levels drop, this needs to be reflected in your will, particularly if you have included lump sum legacies in your will.
Executor change
Update your will if one of your executors dies or is in poor health and you want to choose someone new. You are allowed to select up to four executors.
How to change your will
Once your will has been drawn up, signed, and witnessed, you can change it using a codicil for minor alterations, such as changing your executors. For more significant changes, such as changing your beneficiaries or creating a trust, you should draw up a new will.
A codicil is a legally binding amendment to an existing will. It is a separate document to the will, and it needs to be dated, signed, and witnessed in the same way as a will. The codicil should be stored alongside your will, but not attached to it.
If you opt for a totally new will, this should begin with a clause stating that it revokes all previous wills and codicils. You should then destroy the original revoked will by burning or shredding it to avoid any confusion after you pass away.
How our solicitors can help
Ideally, you should review your will every five years, or when one of the above events arises, to ensure that it is up to date. If you feel it needs refreshing, consult one of the solicitors in our Private Client department.
We can advise you whether you need a codicil or a whole new will, and can then draft it in a manner that is legally valid and exactly reflects your wishes.
For more information on wills, or any other private client issue, contact Amy Read at WBW Solicitors in Newton Abbot on 01626 202336 or email amyread@wbw.co.uk.
WBW Solicitors has offices in Axminster, Bovey Tracey, Brixham, Chard, Exeter, Exmouth, Honiton, Launceston, Newton Abbot, Paignton, Seaton, Sidmouth, and Torquay.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.
