A Will is a legal document that explains who should manage and receive your assets after you die. While a Will doesn’t expire, it can become outdated if your life changes, so it’s important to review and update it regularly. Here are eight key reasons to consider updating your Will:
1. Marriage or Civil Partnership
In England and Wales, getting married or entering a civil partnership cancels any previous Will, unless your Will specifically says it was made in anticipation of that marriage. If you don’t make a new Will, your spouse or partner may inherit everything, and your children could be left out. Ideally, you should update your Will before the wedding. Future law changes may stop automatic cancellation, but you’ll still need to make sure your Will reflects your new family situation.
2. Divorce or separation
If you divorce or end a civil partnership, your Will remains valid, but it treats your ex as if they’ve died. This could cause confusion or partial intestacy (where the law decides who inherits). If you were never married, your ex would still inherit unless you update your Will. You should also review who you’ve named as executor, guardian for children, and beneficiaries.
3. Birth or adoption of children
When you have or adopt children (or grandchildren), you should update your Will to name guardians and decide how and when they’ll receive their inheritance. If your Will uses general terms like “my children,” new children may be included automatically, but stepchildren usually aren’t. You might also want to set up trusts to provide for your partner for their lifetime but ensure that your children inherit after their death, protect young or vulnerable beneficiaries or reduce inheritance tax (IHT).
4. Death of a Beneficiary or Executor
If someone named in your Will dies, their role or inheritance may need to be reassigned. If there’s no substitute named, their share might go to someone else or be handled under intestacy rules.
5. Major financial changes
If your financial situation changes perhaps through inheritance, business growth, or asset sales, you may need to update your Will. A larger estate might face higher IHT. If you’ve inherited money recently, you may be able to use a “deed of variation” to reduce tax. Business owners should check if they qualify for IHT relief and make sure their Will is structured to maximise the relief.
6. Moving abroad
Different countries have different inheritance laws. Some impose “forced heirship,” meaning certain relatives must inherit a portion of your estate. If you own assets in multiple countries, you might need separate Wills for each location to avoid legal issues.
7. Changes in family relationships
Family dynamics can shift and a falling out, reconciliation, or changing priorities may change your mind about who should inherit. You have the freedom to leave your assets to whomever you choose, but certain relatives or dependants may still be able to make a legal claim. Careful planning can help prevent disputes and ensure your wishes are respected.
8. Legal updates
Inheritance and tax laws change over time. An old Will might not be tax-efficient or even valid under new rules. For example, proposed changes will significantly affect IHT rules for pensions, farms, and business property. There are also ongoing discussions about modernising Will laws, which could impact how Wills are written and enforced.
Best Practice
If your Will doesn’t match your current wishes or family situation, it could cause confusion or legal problems. It’s a good idea to review your Will every few years and after major life events like marriage, divorce, or having children. Keeping it up to date ensures your intentions are clear and legally protected.
Speak to our team
If you want to create or update your Will, or explore trusts and inheritance tax planning, contact our specialist private client team online or call 0345 209 1000.
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