Changing your Will
Creating a will is the first step towards guaranteeing that your last wishes are followed and those you care about are left more secure.
However, naturally events begin to build up over time, which can render a will totally inaccurate or even directly contradictory when compared to your current intentions. For example, being in a relationship with someone without being married to them puts both you and your partner at risk of leaving nothing for the other after their passing.
To ensure that those wishes remain accurate, it is important that your will is consistently updated every five years. It is particularly recommended that your will be revisited where certain significant events have occurred. These could include:
Divorce or separation;
Other changes in relationships;
The birth of children and/or grandchildren;
Adopting a child;
Taking responsibility for a dependant person;
Moving house or buying additional property either in this country or abroad;
Any windfall or inheritance you receive;
Being diagnosed with a terminal illness or other chronic condition that could have a profound effect on life
Any future changes and developments in the law.
It is possible to update your will by a document called a codicil, which would state the amendment and your signature would be witnessed by two witnesses.
This document would then be stored with your will so that your executors could follow any changes made. However, codicils are similar to footnotes for a will, they are only really appropriate for minor alterations. Generally, it is more cost effective and makes more sense to create a new will as multiple clauses may need to be altered.
For example, parents often change their mind about who should inherit what in their will when a child or grandchild is born and this could involve altering who inherits the house, legacies and even the entire estate. Making a will is not something many people want to think about but death is inevitable for us all and it is important to your loved ones left behind that your affairs are in order.
We recommend that you review your will at least every five years to ensure that what you have stated in it is a reflection of your current intentions.
If you would like to make or update a will, please don’t hesitate to contact us at Garden House and we will deal with that for you so you don’t have to worry.