So, you’ve written your will - congratulations! You’ve taken your first step in protecting your assets and your loved ones after you’ve gone. But what happens if you want to update your will because of a change of circumstance, or even heart?
In this guide, we will delve into how you can go about updating your existing will, including the costs involved and legal implications.
Will you join us? (excuse the pun!)
How do you update an existing will?
Updating an existing will involves making amendments to the document to reflect changes in your circumstances, wishes, or other relevant factors. It is perfectly normal for this to happen and very common for people to update their wills throughout their lifetime.
So, you know you need to change your will, which poses the next question: Do you complete a codicil or a new will?
Codicil:
A codicil is a legal document used to make changes or additions to an existing will without revoking the entire will. You will be expected to do this with the same formalities as your initial will and attach the codicil to the original will to avoid any confusion or arguments later down the line.
As before, the codicil must be in writing, signed by you and witnessed by two people of whom are not your spouse, partner or beneficiaries.
New Will:
Instead of a codicil, you may choose to create a completely new will that revokes the old one. This is often a preferred option if there are substantial changes or if the existing will is really complex.
If you do decide to create a new will, you must include a revocation clause explicitly stating that the new will revokes all previous wills and codicils. This helps avoid any confusion or arguments later down the line.
To help you make this decision, first, clearly identify the changes you want to make. This might include updates to beneficiaries, changes in the distribution of assets, appointment of executors, or other modifications.
It's always advisable to seek legal advice to ensure that the changes you want to make are legally valid and meet the relevant laws. A solicitor can guide you through the process, steer you in the right direction in choosing between a codicil or a new will, and help you to avoid any potential pitfalls.
If you've updated your will significantly, it is worth informing the key parties involved, such as your executor, about the changes. This can help avoid complications or surprises during the probate process.
Common reasons to update your will
Updating your will across the course of your lifetime is important to ensure that your wishes are accurately reflected and to account for any changes in your life circumstances.
Some of the most common reasons you might update your will are:
Changes in family structure
Divorce or dissolution
Births and adoptions
Deaths
Changes in financial situation
Purchase or sale of property
Change in executors or trustees
Change in beneficiary relationships
Change in charitable intentions
Relocation
Changes in health
Updates in inheritance tax laws or other relevant legislation
Even if there are no significant changes in your life, it's advisable to review your will periodically to ensure it still aligns with your wishes and any changes in the law.
Regularly reviewing and updating your will helps ensure that it remains a valid and accurate reflection of your intentions, reducing the risk of complications or arguments.
How often should you update your will?
There is no strict rule on how often you should update your will, as the need for updates will vary based on your individual circumstances. However, it's generally advisable to review your will periodically, every 3 - 5 years and update it when certain life events or changes occur.
If you do experience any major life events such as a marriage, civil partnership, divorce, births, or adoptions, you should update your will immediately or as soon as possible. This is to ensure your wishes and the people named in your will are accurate, just in case the worst were to happen to you without warning.
In addition, if you move to a new country or region, you should review and update your will to make sure it complies with the laws of the new jurisdiction.
Can you amend a will without a solicitor?
Yes, you can amend a will without a solicitor by using a codicil as discussed above.
First, identify and be clear on the changes you want to make in your will. You can then use a codicil form or draft a document that clearly outlines the changes. Be precise and unambiguous in your language to avoid any misunderstandings.
Remember, a codicil must meet certain legal formalities to be valid. It typically requires the same formalities as a will, including being in writing, signed by the testator (person making the will), and witnessed by two independent witnesses.
If the changes you wish to make are extensive or complex, it might be more appropriate to create a new will rather than using a codicil.
Whilst a codicil can be straightforward when you need to make small and minor amendments to a will, if you have more complex estate planning needs or significant changes to make, you may benefit from seeking legal advice and potentially creating a new will.
Legal professionals can provide you with guidance based on your individual circumstances and ensure that the documents are legally sound.
Can a will be changed by an executor?
No, an executor cannot change the terms of a will.
The role of an executor is to carry out the wishes expressed in the will, not to modify or alter those wishes. Executors have a duty to act in your best interests of your estate and the beneficiaries named in your will.
It's crucial for executors to seek legal advice if they encounter challenges or uncertainties during the administration of the estate.
Read our guide on ‘Can A Will Be Changed After Death?’ if you have any concerns or further questions surrounding this.
How much does it cost to update your will?
The cost of updating a will can vary depending on several factors, including the complexity of the changes, the method used to update the will, and the professional fees charged by solicitors or legal service providers.
Codicils are generally less expensive than creating an entirely new will, as you are only making minor changes. If you wish to create a codicil without the support of a solicitor, you can do this without incurring any costs.
If you do wish to use a solicitor, fees charged for these services can vary. Some solicitors charge fixed fees for specific services, while others may charge based on hourly rates. The complexity of your financial and family situation can influence the overall cost.
How much does it cost to rewrite your will?
The cost of a new will can vary based on complexity and are generally more expensive.
Here at Lawhive, the cost of a single, full representation will is priced from £199, dependent on your individual circumstances. Contact us today to get a free case assessment and no obligation quote.
Can I update my will for free?
Yes, you can update your will for free by completing a codicil as discussed earlier. If you do this without the support of a solicitor because the changes you wish to make are only minor, you won’t have to pay anything.
Once you have completed the codicil, you should attach it to your original will to avoid any confusion. Remember, you must execute the codicil in exactly the same legal way as your original will, ensuring it is in writing, signed by the testator (you), and witnessed by two independent witnesses. If you don’t follow the correct legal formalities, the codicil may be deemed invalid.
As always, while using a codicil can be a cost-effective way to make minor changes to your will, it's important to consider seeking legal advice if the changes are more complex or if you have concerns about potential challenges. Legal professionals can provide guidance and ensure that the codicil meets legal requirements.
Are handwritten changes to a will legal?
Handwritten changes to your will, also known as holographic alterations, may be considered valid under certain circumstances, but there are important legal considerations and they can create legal uncertainties, leading to disputes during the probate process.
If the changes you make are illegible or unclear, these handwritten changes may potentially invalidate the entire will or create confusion regarding the testator's intentions.
In many cases, handwritten changes to a will are not recommended due to the potential for legal complications and confusion. A formal approach, such as creating a codicil or drafting a new will with legal assistance, is generally a safer and more reliable way to update your estate planning documents.
How do you make a will null and void?
There are a variety of reasons that could make a will null and void, such as:
Revocation:
A will can be deemed null and void through revocation. This can occur when the testator (person making the will) intentionally and expressly revokes the will, either by destroying it, writing a new will, or executing a formal revocation document.
Creation of a New Will:
If a new will is created, the old will is generally revoked, assuming the new will contains a revocation clause. This highlights the importance of including a revocation clause in a new will to make the intentions clear.
Marriage or Civil Partnership:
Marriage or entering into a civil partnership after making your will typically revokes the existing will unless it specifically contemplates the marriage or civil partnership. However, divorcing or dissolving a civil partnership does not automatically revoke a will; it may be necessary to update your will after such events.
Divorce or Dissolution:
If you divorce or dissolve a civil partnership after making a will, any provisions related to the former spouse or civil partner may become void. It is advisable that you update the will after such events to reflect the changed circumstances.
Lack of Capacity:
A will may be deemed null and void if you lacked the mental capacity to make a valid will at the time of execution. Mental capacity is a crucial element in ensuring the validity of a will.
Undue Influence or Coercion:
If there is evidence of undue influence or coercion exerted on you, the court may invalidate the will. This underscores the importance of making a will voluntarily and without external pressure.
Forgery or Fraud:
A will can be declared null and void if it is proven to be forged or obtained through fraud.
Failure to comply with legal formalities, such as proper witnessing, signing, and dating, may render a will invalid. It's important to adhere to the legal requirements for creating a valid will.
Discrepancies or Ambiguities:
If the language in the will is unclear, ambiguous, or creates confusion about your intentions, the court may declare the will null and void.
There are also a number of things that you should never include in your will.
Get help with making or updating a will
If you need to update your will, or wish to make a new one, we are here to guide you every step of the way. Contact our team of expert Wills, Trust & Probate Solicitors to get a free case assessment and quote today.