Why You Should Update Your Will

• Published date: 19 December 2023
• Subject Matter: Tax, Family and Matrimonial, Inheritance Tax, Wills/ Intestacy/ Estate Planning
• Law Firm: Weightmans
• Author: Ms Sally Cook and Lorraine Wilson

Only 56% of UK adults have updated their will in the last five years, meaning around half of wills are out of date

Why should a will be updated?

Research commissioned by Solicitors For The Elderly in 2022 revealed that only 56% of UK adults have updated their will in the last five years, meaning around half of wills are out of date.

It also showed that half of UK adults have experienced a life changing event, such as getting married, divorced, or having a child since last updating their will.

How often should a will be reviewed?

We recommend that wills are reviewed and updated at least every three years, or when a major change occurs that impacts you or your loved ones.

How to update your will?

If you want to make minor changes to an existing Will, it may be possible for you to prepare a codicil.

What is a codicil to a will?

A codicil is a formal legal document which amends parts of your existing Will. It needs to be signed and witnessed in the same way as a Will for it to be effective.

For all major changes, you should make a new Will.

Can I change my will without a solicitor?

If you wish to make a will yourself, you can do so but you should only consider doing this if the will is going to be extremely straightforward. It is always advisable to use a solicitor to make sure the Will has the effect you want and so that you have considered all factors that are relevant to your estate planning in choosing the most appropriate Will structure.

Can an attorney appointed under a registered Enduring or Lasting Power of Attorney change a will?

An attorney appointed under a registered Enduring Power of Attorney or Lasting Power of Attorney cannot change the terms of your Will. An attorney can apply to the Court of Protection for a Statutory Will to be executed on your behalf but this has to be approved by the court before it can take effect. It is extremely important to make sure that you keep your Will updated whilst you have mental capacity so that it reflects your current wishes.

How much does it cost to update your will?

The cost of preparing your Will or Codicil will vary depending on complexity...