When you arranged your Will, you might have had concerns about your affairs needing to be in order. The Will that you created reflects your situation at that time. However, it may not reflect your current situation.
After you made your existing Will, you probably felt some peace of mind. However, over time, your situations might have changed. Over a period of years, many people have significant changes in their finances and relationships. These changes in your life may require a few changes in your Will.
You might need to review your Will if you answer yes to any of the following questions. Since the last time you made your Will:
• Have you been widowed?
• Have you separated from your partner or divorced?
• Have you married?
• Do you have children? Do you have more children than before?
• If you had young children, are any of them currently adults?
• Are any of your adult children married?
• Do you have any grandchildren?
• Have you had any changes in your personal or family relationships?
• Have any of your Executors or beneficiaries moved or died?
• Have you acquired property in this country?
• Have you purchased property abroad?
• Has your property increased in value?
• Have you bought, sold, or started a new business?
• Have you sold a property and moved into a residential care facility?
• Have you received an inheritance that has increased the value of your estate?
• Have you made a will in another country to cover any assets you have abroad?
These are just some of the changes that may have occurred since the last time you made a Will. There are other types of changes that may have happened which could alter your situation in a way that may make it necessary for you to amend your current Will.
If you think you may need to update your Will, here’s are some things we need to do.
First, we must determine whether your change in your current situation would require an amendment to your Will.
The initial discussion about your Will is free. We’ll talk about your situation and your Will. We’ll determine if you need to schedule an appointment to sit down with one of our Will specialists.
After we determine which changes are required, we can give you an idea of the cost.
How Do I Change My Will?
There are two ways to amend a Will. The first way is with a Codicil. This legal document states any variations to your existing Will. This document must be signed and witnessed.
The Codicil is stored with your existing Will. This document is not appropriate for everyone, and our specialist will discuss this option with you before you proceed. Remember the Codicil is stored with your existing Will. The contents of both documents will be seen. If you don’t want the contents of your original Will to be viewed, the Codicil may not be the best choice.
The second method of amending your Will is to make a new Will. We have an information guide called “Making a Will?” which provides details about the process. This guide is included with our standard service.
We offer a variety of additional services, including Estate Planning, Inheritance Tax reduction, Trusts, and managing any claims against your estate. We’d be glad to discuss any other services you may need and the cost of these services, during the appointment.
Do I Need to Make a New Will if the Addresses of the People Mentioned in My Will Have Changed?
If you only need to change the addresses of the people listed in your Will, the process is straightforward. If we hold a copy of your Will and you want to make an amendment to the addresses of beneficiaries, Executors, or other parties mentioned in your Will, make a written statement confirming these changes. Sign and date the letter and mail it to us. We will store this letter with your Will. There is no additional charge for this service. The Executor of Will’s legal duties in the UK will be made much easier if you keep your will up-to-date, so it is always best to make sure that the details are correct.