Why is it important to update your Will?
Whilst the Will you made originally will still be valid when you die, you could have experienced several life changes since then, meaning that it no longer reflects your final wishes. For instance, your original Will might not include an important family member, such as a recently born grandchild, that you want to leave assets to. By making sure your Will is as up to date as it can be, it avoids any ambiguity as to who was or was not intended to be a beneficiary.
Having an up-to-date Will also makes it easier for your loved ones after your death and minimises disputes or family members challenging the Will.
New research commissioned by SFE and conducted by Censuswide in December 2022, found that:
- Only 45% of respondents in the East Midlands have updated their Will in the last five years, meaning over half the wills in the region, or 55% are out of date
- 53% of respondents in the East Midlands have experienced a life-changing event such as getting married, divorced or having a child since they last updated their Will
- Nearly one fifth (17%) of respondents in the East Midlands know someone who has been affected by something going wrong with a Will
- 71% of parents in the East Midlands have no legal guardian in place to care for their children in the event of their deaths
How often should I update my Will?
We typically recommend that clients review and update their Will every five years, or when there is a major change in their life such as divorce, moving house, a birth or a death in the family.
It is also important to update your Will if you get married or re-married, as this will automatically revoke any existing Will and leave you without a valid Will.
Can I update my Will myself?
You cannot make any alterations to your Will document after it has been signed and witnessed as this will invalidate it.
If you wish to update your Will or make any changes we would encourage you to seek advice to ensure any alterations are dealt with properly, and it may be necessary to draw up a new Will, which will state that it revokes all previous wills.
We would recommend seeking legal advice when drawing up a new Will to ensure that changes are carried out correctly and it clearly reflects your new circumstances and final wishes.
