MAKING CHANGES TO YOUR WILL
Codicils (Making Changes to Your Will)
Wills should be considered as living documents. Just as life changes, so too should Wills, to reflect any changes in circumstances.
When a child is born, when you marry, if you divorce, if a family member dies, if your fortunes change. Perhaps you merely want to change who benefits under your Will. Maybe you wish to plan for inheritance tax and structure your estate accordingly. Any of the above circumstances can warrant a change to your Will.
What Can Happen if you Don't Make Changes to Your Will?
If you don't change your Will but your circumstances change, then your assets could be distributed to the wrong individuals. For example, if you divorce and your Will remains unchanged, your ex-spouse could benefit from the assets you leave.
This situation could be avoidable if Wills are reviewed every few years, particularly after major life events.
How To Change Your Will
Firstly, you’ll need to locate your Will to find out what it says. You should either have the original or copy with you or the original could be with the firm that prepared your Will.
You’ll need to decide how you want to change your Will – do you want to make a provision in your Will for a new family member? Or do you want to remove a previous beneficiary from your Will? Or do you want to structure your estate to reduce inheritance tax?
Next, you should instruct an expert to make changes to your Will.
Finally, keep a safe copy of your revised Will and remember to review it.