When did you last review your Will?

If you can’t remember, now is likely the right time. Keeping your Will up to date is vital to protect your loved ones and ensure your wishes are followed.

A Will isn’t just a document; it’s a key tool to ensure your assets are passed down according to your wishes. Under the rules of intestacy, which apply if you don’t have a valid Will, your estate will be divided according to a set formula, which may completely overlook your personal preferences. Taking time now to update your Will could prevent unnecessary confusion and distress for those you care about most.

Changes that may signal the need for an update

• Marriage or remarriage (your old Will may be revoked).
• Divorce or separation (ex-partners may still be included).
• Birth of children or grandchildren.
• Blended families or changing family dynamics.
• Buying property, especially abroad.
• Changes in estate value or inheritance tax laws.

Fortunately, updating or creating a Will to ensure it’s aligned with your current life and financial position has never been easier. If you already have a Will in place and need to make only minor adjustments, a codicil might be a suitable option. A codicil is a legally binding addendum to your existing Will. It can be used to update details like adding a newly included heir, removing outdated references, or adjusting a specific bequest. It’s important to remember that codicils must be signed and witnessed correctly to remain valid.

However, for larger updates or more complex changes, drafting an entirely new Will is often more practical and ensures there is no confusion over which version applies. A new comprehensive Will can address major updates like adjusting who inherits significant assets, rewriting how property is shared, or including safeguards for vulnerable family members.

PK Partnership offers a professional Will writing service, especially for substantial changes. Many people mistakenly rely solely on DIY Will kits or online templates, which can lead to inconsistencies or fail to meet legal formalities. We will ensure that all revisions are accurately made and that your Will remains legally binding.

Don’t forget to review regularly

It’s worth noting that updating your Will shouldn’t be considered a once-in-a-lifetime event. Circumstances, relationships, and financial situations all evolve over time, making it essential to review your Will regularly. At PK Partnership we recommend reviewing it every five years, or sooner if you experience a major life event like a birth, marriage or financial windfall.

• Review every 5 years or after any major life event.
• Outdated executors or deceased beneficiaries can complicate probate.
• Keeps your estate plan clear and current.

A clear, current Will prevents confusion and reduces stress for your family

A well-prepared Will brings peace of mind for you and your family. Whether you need small changes or a new Will, PK Partnership is here to help simplify the process.

Contact our Wills teams today on 020 8681 4994.