Reviewing & Updating an Existing Will

Want to make a Will or change an existing Will? Why not contact us today.

Reviewing an existing Will:
  • You should have your Will reviewed whenever there is a major change in your family situation to ensure it still accurately reflect your wishes.

  • Changed circumstances include: marriage, divorce/dissolution of civil partnership, separation, Birth or adoption of a child, moving house, a new grandchild, changes in tax and other legislation.

  • Any death of a family member or person named in your Will.

  • If assets change significantly (perhaps you receive a windfall or legacy).

  • You simply decide to change your previous wishes.

  • A Guardian or Executor or Trustee moves away, dies, or is no longer willing or able to serve.

  • Your children are no longer minors, or are old enough to handle financial matters on their own.
Updating a Will:
  • You can update your will by amending it by way of a codicil or by drawing up a new one. Most people choose to write a brand new will that supersedes the old document which must then be destroyed. The new document must be placed in secure storage.

  • A Codicil (a separate document that adds to and/or replaces one or more provisions in an existing Will) can be prepared and properly executed as an add-on to an existing Will. There are some circumstances like taxation issues where this makes sense.

  • A codicil must be signed in the same manner as the original Will with the same two witnesses. The executed codicil should be kept with (but not attached) to the original Will it changes to ensure it isn’t overlooked.

  • A new will is often the best route as more extensive revisions can easily be made and ensure the will accords with your latest wishes, current inheritance tax and other legislation.

  • A properly signed and executed new will automatically revokes the earlier will.

  • Never try to change a Will by writing in the margins, crossing out words, lines, or sections of the original Will - this only invites confusion, potential ambiguity, and may lead to costly and protracted legal proceedings.
It is a good idea to review and, if necessary, update your will at least every five years to ensure it’s still relevant. A review helps you confirm your wishes regarding the people and charities you want to benefit. You can also consider whether named beneficiaries are still alive.

To find our more about our Cheltenham Wills 'one stop shop' Will Writing Service why not contact one of our Financial Planning Managers?
Cheltenham Wills - Cheltenham IFA Limited - 10 Montpellier Arcade - Cheltenham - Gloucestershire - Tel: 01242 26 96 56