Having gone through a challenging 2020, it’s safe to say that for a lot of us, mortality is at the forefront of our minds. For millions of us across the UK, this has got us thinking about our future, so it’s only natural you might be considering updating your will in 2021.
Lots of people alter their will when they have a change of circumstances. Common reasons include when a family member passes away, when there are new additions to the family (like children grandchildren), or when a person’s financial or marital situation changes.
Despite the importance of having a will, many people put it off for fear of it being a complicated process. In truth, writing or updating your will is not as daunting as you might initially think. If you have any questions about updating yours you can always speak to a friendly expert from the comfort of your own home beforehand. In the meantime, we’ve put together a handy list of things to consider when deciding whether to update your will.
How do I update my will?
There are two main ways to update your will.
1) Create a brand-new will from scratch.
2) Add a codicil to your will. This is a document used to help you make small amendments to an existing will instead of completely re-writing an already written version. A codicil will need to be signed and witnessed in the same way as your original will, but this doesn’t necessarily mean you’ll need to use the same witnesses. There’s no official limit on how many codicils you can add to a will, either.
What happens if I don’t update my will?
If you die without a valid will in place, rules set by the Government dictate what happens to your estate. These are known as ‘intestacy rules.’ If your circumstances have drastically changed, then it’s important to make a will to ensure that your possessions and money are distributed according to your wishes. When writing or updating a will, it’s wise to have an idea of what you want to include in the will before seeing a solicitor. However, your solicitor will always ensure the document passes all the formal requirements needed to make your will up to scratch and legally valid. If you do decide to make a new will, this will revoke any previous wills you had.
If you want to make or update an existing will, the solicitors at Nyland and Beattie in Widnes can help you get started with the process. Call our wills and probate solicitors today on 0151 424 5656.