Life is filled with changes, some of which can significantly impact your financial and personal circumstances. These changes often necessitate updating your will to ensure it accurately reflects your current wishes and protects the interests of those you care about. Whether it's a new addition to the family, a change in your marital status, personal financial developments, or government policies, keeping your will up to date is crucial.

Here, Kathleen Gray, a private client senior solicitor at our Margate office, explains the issues to consider.

Property ownership and relocation
Buying, selling property, or relocating can significantly impact your will and estate.  Whether you’re purchasing your first home, upsizing, downsizing, or acquiring additional properties, these changes may affect your current will or provide you with the opportunity to review it. It’s essential to consider, for example, the location of your executors, should you relocate, equity you may have gained through a sale, or general ownership such as ‘joint tenancy’ or ‘tenants in common’. These considerations can potentially help protect against future care home fees or other estate complications, such as blended families and inheritance tax.

Marriage or civil partnership
In England and Wales, marriage or entering a civil partnership revokes any existing will unless the will explicitly states that it was created in anticipation of the marriage. Without a valid will, the intestacy rules apply, which might not align with your intentions, leaving your estate being distributed between family members you do not know, or wish to inherit. To avoid unintended consequences, it’s essential to consult a solicitor either before or shortly after the wedding to draft a new will that reflects your wishes.

Separation or divorce
A separation or divorce significantly affects your estate planning. If you are separated but not legally divorced, your spouse or civil partner will still inherit under your existing will unless you make changes. On the other hand, a finalised divorce does not invalidate your will but treats your ex-spouse as if they predeceased you, preventing them from inheriting. To ensure clarity, updating your will during or after the divorce process is vital, especially to address guardianship or maintenance arrangements for children.

Welcoming new family members
The arrival of children or grandchildren often prompts updates to a will. Whether through birth or adoption, these new additions may not automatically inherit if they are not explicitly included in a will. Updating your will allows you to allocate specific shares of your estate, designate legal guardians for minor children, or future-proof the document by referring to “children” or “grandchildren” collectively, ensuring all are accounted for.

Death of a beneficiary or executor
If someone named in your will dies before you, it’s important to decide how their share of the inheritance should be redistributed. Similarly, if an executor passes away or becomes unsuitable, you must appoint a replacement to ensure smooth administration of your estate. This adjustment prevents complications and ensures your estate is managed according to your wishes. We often deal with estates where a person has only named one executor and trustee, and that person has then either predeceased the testator or does not have the capacity to act. It is therefore important and useful to always consider a replacement executor and beneficiary.

Changes in financial circumstances
Significant changes to your financial situation, such as an increase or decrease in asset value, may necessitate revisions to your will. For example, acquiring or selling valuable assets, such as investments or businesses, could impact how you wish to distribute your estate. Regular updates ensure your will accurately represents your financial position and avoids potential disputes.

Shifts in relationships or intentions
Over time, relationships evolve. You may wish to remove estranged family members, people who have passed away, former friends, or organisations you no longer support from your will. Conversely, you might want to include new friends, charities, or institutions that have become important to you. These updates allow your will to reflect your current priorities and values and is something we are always happy to review and discuss with you.

Why regular reviews matter
Even without major life events, reviewing your will every five years is a good practice. Governments can change every five years, and bring with them new policies to inheritance tax, pensions, income and benefits that can drastically change your future planning and estate values, and your will should align with the latest regulations to avoid unintended tax burdens or legal complications for your beneficiaries. Regular reviews ensure your will remains valid and reflective of your wishes.

For example, recent changes to inheritance tax laws in relation to unused pensions, may alter how much of your estate is subject to tax, potentially requiring strategic adjustments to your will. Similarly, if you or a loved one has faced a long-term illness, you might wish to leave a gift to a charity or healthcare institution that has supported your family.

The role of codicils
While codicils—formal amendments to a will—are still an option, they have become less common. In many cases, drafting a new will is faster and ensures clarity. Codicils are suitable for minor changes, such as adjusting gifts or appointing substitute executors, but significant events generally call for an entirely new updated will.

Protecting your legacy
Writing and maintaining a will is essential to safeguarding your legacy. By addressing major life changes and reviewing your will regularly, you can prevent stress and uncertainty for your loved ones. A well-maintained will ensures your wishes are respected, your family is protected, and potential legal or financial challenges are minimised.

Our Private Client team would be pleased to assist with any enquiries you may have. For their details, please see the page here.