Lowes Inheritance Guide

LOWES INHERITANCE GUIDE

5 Update your will

Having a valid will in place is an essential aspect of inheritance tax planning. After you write your will, you need to make sure it remains up to date, so it continues to reflect your current wishes.

Several life events should prompt you to review and update you will. These life events include the death of someone named as an executor or beneficiary in your will, divorce or marriage, and any significant changes to the value of your estate. Regardless of whether significant life events take place, it’s good practice to review and update your will periodically, regardless. If several years have passed since you last reviewed the terms of your will, that’s a good reason to take it out and check it remains up to date. If you need to update your will, you can sign a new will which revokes the earlier one, or add what’s known as a codicil to your existing will. The best approach will depend on what you’re trying to achieve with the update, so specialist advice is required.

Whichever approach you decide to take, don’t attempt to edit your existing will by crossing things out and writing notes in the margins; this approach is a good recipe for future confusion, which could lead to higher costs and family arguments. When you review and update your will, use it as an opportunity to put it in a safe place. There’s little value in having a will in place if your chosen executor can’t find it when you die! Tell them where your will is stored and put these details in writing, so they are not forgotten. In England and Wales, you can lodge your will with the Probate Service, for a flat fee of £20. If you keep your will at home, leave clear instructions for your executors so they can find it in the event of your death.

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