Have you made a will? Recent research shows that less than half of UK adults over 30 have a will in place. Indeed, many of those who do have a will may need to update it. 2 to 8 March 2025 is Update Your Will Week, so let’s look at why this is important.
| Do you have a will in place at the moment?
Have you reviewed your will recently? If not, you’re not alone. Many people create their wills, tuck them away, and rarely revisit them.
But keeping your will up to date is essential. Imagine if your will doesn’t reflect your current wishes or circumstances. This oversight could lead to significant problems for your loved ones when you’re no longer here.
Let’s ensure your will accurately represents your wishes and provides peace of mind for you and your family.
| How often should I update my will?
Keeping your will up to date is crucial, especially after major life events like marriage, divorce or welcoming new family members.
But even without these changes, it’s wise to review your will every five years. This ensures your will reflects your current wishes and your loved ones are looked after as you would want. With life constantly evolving, now is the perfect moment to revisit and refresh your will. Let’s make sure your legacy is secure.
| Significant life changes that could affect your will
Life is full of changes, and it’s important to ensure your will reflects these developments. Here are some key considerations:
- Marriage: If you’ve tied the knot since creating your will, it’s likely to be invalid now. It is important to update it or make a new will to reflect your new status.
- Divorce or separation: While divorce doesn’t nullify your will, it cancels provisions for your ex-spouse. Ensure that those you wish to inherit do so, by revising your will to reflect your new circumstances.
- Welcoming new children or grandchildren: If your will predates these new additions, it’s time for an update to include them and plan for their future.
- Changes in beneficiaries or executors: If someone named in your will passes away, or if your chosen executor is no longer suitable, it’s essential to review and possibly amend your will.
- New partner or moving home: Cohabiting partners aren’t automatically entitled to inherit. So, it’s crucial to update your will to include them if desired. Plus, changes in homeownership necessitate adjustments in your will to protect your assets.
- Joint ownership of property: If you own property with someone else, it’s important to understand whether it is held as joint tenants or tenants in common. The way your property is owned can affect how it passes on death and whether your will has any control over your share. Reviewing your will alongside your property ownership can help ensure your wishes are carried out as intended.
- Changes to tax rules and Inheritance Tax planning: Recent changes in the law around Inheritance Tax treatment, including proposals affecting pensions and reliefs such as Agricultural Property Relief (APR) and Business Property Relief (BPR), mean it’s a good idea to review your will and overall estate planning. These changes could affect how assets are passed on and whether additional planning is needed to protect your estate.
- Having any digital assets, like cryptocurrencies or bitcoin: Considering how quickly things change with regards to digital assets or investments, you want to be sure your assets are accounted for and secured in your will. This will ensure that your assets go to the loved ones of your choice.
Life moves fast, but your will should keep pace. Let’s ensure your wishes are up to date and legally sound to provide peace of mind for you and your loved ones.
| How do I update my current will?
When it comes to updating your will, you have two straightforward options.
Firstly, for minor tweaks, you can create a codicil. These require the same signing and witnessing process as your original will.
Alternatively, if you’re considering more substantial changes, we suggest drafting a completely new will. This ensures your wishes are accurately captured and up to date. Whatever your preference, we’re here to assist you every step of the way.
| Free Will Review
Ensuring your will accurately reflects your wishes is crucial, which is why we recommend seeking the assistance of a solicitor.
At Levi Solicitors, we offer a complimentary will review service. During your appointment, our expert team will guide you through any necessary updates and the most effective way to implement them.
Booking your appointment is easy. Simply schedule online or call us at 0800 988 7756. Let our specialists help safeguard your legacy today.
