How to update your will after major life changes

Life has a way of keeping us on our toes, doesn’t it? One minute, everything’s ticking along nicely; the next, you’re welcoming a new family member, moving house, or perhaps even tying the knot.

With all these changes, it’s easy to overlook one important task: updating your will. But keeping your will current is vital to reflect your wishes and protect your loved ones.

In this guide, we’ll explain why, when and how you should update your will, common mistakes to avoid, and top tips to making sure it’s secure.

Why updating your will matters

Your will is more than just a legal document; it’s a reflection of your wishes and a plan for your loved ones’ future.

As your life evolves, your will should too. Regular updates help prevent misunderstandings and ensure that your assets are distributed as you intend.

Plus, an up-to-date will can simplify the probate process, making things easier for your executors and beneficiaries.

When to update your will

Life’s twists and turns often signal the need to revisit your will.

Here are some key moments when you should consider an update:

Marriage or civil partnership

Did you know that in many places, including the UK, getting married or entering a civil partnership can revoke your existing will?

If your will doesn’t mention the upcoming marriage, it could become invalid, leaving your estate to be divided according to intestacy laws, which might not align with your wishes.

What to do: After saying “I do,” create a new will that includes your spouse or civil partner and reflects any new plans for your estate.

Divorce, separation, or remarriage

Life doesn’t always go as planned, and relationships can change.

Divorce doesn’t automatically cancel your will, but in England and Wales, any mention of your ex-spouse is treated as if they passed away when the divorce is finalised.

This means they won’t inherit, but the rest of your will stays valid. Remarrying without updating your will can also lead to complications, as a new marriage can revoke an existing will.

What to do: After a divorce or separation, update your will to adjust any references to your ex-partner and reallocate assets to reflect your new circumstances. If you’re remarrying, ensure your new will includes your current spouse and any new beneficiaries.

Birth or adoption of children

Welcoming a new child into your life is a joyous occasion and a prompt to update your will. You’ll want to include them as beneficiaries and appoint a guardian if they’re under 18. Without these updates, your children might be left out, or the courts may appoint a guardian you wouldn’t have chosen.

What to do: Add your new children to your will, along with provisions for their care and financial support. Naming a guardian for minor children is crucial to ensure they’re cared for by someone you trust.

Death of a beneficiary, executor, or guardian

If someone named in your will—whether a beneficiary, executor, or guardian—passes away, it’s time to update your will.

Failing to do so could cause legal issues or delays in settling your estate.

What to do: Remove the deceased individual from your will and appoint someone else. If you’ve named alternates, make sure their roles are clearly defined.

Major financial changes

A sudden windfall, like an inheritance or winning the lottery, or significant purchases such as property or investments, means your will should reflect these new assets.

On the flip side, if your financial situation worsens, you may need to revise your will to ensure it still aligns with your current estate value.

What to do: Review your will after any major financial changes to ensure your assets are distributed according to your updated wishes. Be sure to include new assets and adjust the share of inheritance if necessary.

Inheriting pets or new responsibilities

Pets are family too! If you’ve recently adopted a pet or taken on new responsibilities, it’s wise to include them in your will. This ensures they’re cared for if something happens to you.

What to do: Include provisions for your pets in your will, such as naming a caretaker and setting aside funds for their care. This thoughtful step ensures your furry friends are well looked after.

Changes in tax laws

Tax laws aren’t set in stone and can change over time. These changes might affect how your estate is taxed and how much your beneficiaries receive. Keeping your will up to date with the latest tax rules can help reduce the tax burden on your estate and ensure your loved ones get the most out of your bequests.

What to do: Consult with a solicitor or tax advisor to understand how changes in tax laws affect your estate, and make any necessary updates to your will to maximise tax efficiency.

How to update your will

Once you’ve identified the need for an update, there are two main ways to make changes to your will: adding a codicil or writing a new will.

1. Adding a codicil to amend your will

A codicil is a legal document that makes minor amendments to your existing will. It’s often used when you need to make small updates, like changing an executor for your will, or adding a new beneficiary. A codicil must be signed and witnessed in the same way as your original will to be legally valid.

When to use it: If you’re making simple changes and your overall will remains the same, a codicil is a cost-effective and straightforward way to amend your will.

Advantages of a codicil:

• Quicker and often cheaper than drafting a new will.
• Suitable for minor changes without altering the entire document.

Disadvantages of a codicil:

• Multiple codicils can lead to confusion.
• Risk of misinterpretation if not drafted carefully.
• Executors might overlook a codicil, leading to potential disputes.

2. Writing a new will

If you’re making significant changes to your will, or if you’re updating it after a major life event, it’s often easier to write a completely new will. This ensures that your will is clear, up to date, and reflects your current wishes without any confusion from multiple documents.

When to use it: If you’ve had a major life event (such as marriage, divorce, or a change in financial circumstances), writing a new will is usually the best option. Be sure to include a statement that revokes all previous wills to avoid any legal conflicts.

Advantages of a new will:

• Provides a fresh start, incorporating all changes in one document.
• Reduces the risk of confusion or misinterpretation.
• Allows for a comprehensive review of your current circumstances and wishes.

Disadvantages of a new will:

• May be more time-consuming and costly than adding a codicil.
• Requires careful drafting to ensure all previous documents are properly revoked.

Common mistakes to avoid when updating your will

Updating your will is a thoughtful process, but there are common mistakes to watch out for:

• Not making the changes legally valid: Any amendments must be signed and witnessed correctly to be enforceable.
• Forgetting to remove outdated clauses: Ensure old provisions that no longer reflect your wishes are removed to prevent confusion.
• Ignoring new responsibilities: Failing to account for new dependents, assets, or pets can lead to unintended consequences.

Check out our full guide to common mistakes in wills for more advice.

How often should you review your will?

It’s advisable to review your will every 5 to 10 years to ensure it still reflects your wishes and to account for any changes in your life.

Regular reviews help keep your estate plans current and aligned with your intentions.

Final thoughts

Life doesn’t stand still, and neither should your will. Regularly updating your will after major life changes is a thoughtful step in protecting your loved ones and honouring your wishes.

Whether it’s a new marriage, the arrival of a child, or a change in finances, keeping your will current ensures that your estate is handled as you intend.

Remember, it’s not just about distributing assets; it’s about providing peace of mind for you and your family.

So, take a moment to reflect—does your will reflect your life today? If not, perhaps it’s time for an update.