5 Key Reasons to Update your Will

Trainee Private Client Solicitor, Amelia Clarke, takes a look at five reasons to update your will, in light of Update Your Will Week 2025.

A Will isn’t something you should write and forget about. Life is constantly changing, and significant events can impact how you want your estate to be handled after your passing. Failing to update your Will could lead to unintended consequences, leaving loved ones without the provisions you had planned for them.

Here are five key reasons why you should review and update your Will:

Marriage and Divorce

Under marriage laws in England and Wales, getting married automatically revokes any existing Will. This means that, unless you create a new Will (everything that you own), will be distributed according to the Intestacy Rules.

If your marriage comes to an end and you divorce, the rules are slightly different. Rather than your Will becoming null and void, or your previous Will ‘reinstating’, it is read as though your ex-spouse has pre-deceased you. While this means they will no longer inherit, it can create complications - especially if they were a key beneficiary. In suchcases, the portion intended for them may be redistributed in a way that doesn’t align with your wishes.

If you have children from a previous marriage, unless you have a Will that states otherwise, they may inherit little or even nothing. There are certain types of Will Trust that can be set up to ensure that their future inheritance is secure.

Birth of a new Family Member

There is much to consider on welcoming a new arrival, including who would care for them should anything happen to you. Within your Will, you can nominate guardians who you trust to look after your children (if they are under 18) following your death.

Perhaps you have a new grandchild and wish to leave them a cash gift in your Will. There can be tax implications to consider where they are a minor at your death, or if there is an age contingency on the gift (for example, becoming entitled at 21 or 25). Therefore, the executors of your Will should be chosen carefully as they will be the ongoing trustees of money that may need to be held for the benefit of minor grandchildren.

Buying a New Home

Most often, a person’s home is their biggest asset. Therefore, purchasing a new home is the ideal time to review or create your Will and assess how your assets are structured. This is particularly important for determining your Inheritance Tax (IHT) liability.

Even if your current Will reflects your wishes in terms of your beneficiaries, there may be a more effective Will that could be prepared to mitigate Inheritance Tax and even plan ahead for the possibility of Care Fees.

Additionally, if you purchase a property with a partner, you need to check whether you own it as ‘Tenants in Common’ or ‘Joint Tenants’. This can have a significant impact on how your property is passed on and should be reflected appropriately in your Will.

Change of Government or Rules

Inheritance Tax (IHT) thresholds and other financial regulations are always subject to change with each new government. Whilst in the Autumn Budget, the Chancellor confirmed that IHT thresholds will remain unchanged until 2030, new rules are coming into effect that could impact estate planning.

For example, from 2027, pensions will no longer be exempt from Inheritance Tax. As a result, this could push more estates above the taxable threshold. Furthermore, there have been changes to Agricultural Property Relief and Business Property Relief. If you operate a trading business in the UK, or own/run farmland, you may be affected by the new rules. Therefore, on review, there may be alternative terms for your Will that would better suit your IHT position and therefore your beneficiaries.

Change of Family Circumstance

Relationships evolve, and so do your wishes regarding who should inherit your estate. If you have changed your mind about a beneficiary, perhaps as a result of estrangement, a falling out, or even a Charity which you no longer support, it is important to update your Will to reflect this.

If you are considering removing a beneficiary from your Will, you need to be aware of the consequences that may follow. For example, adult children have certain legal rights to contest a Will if they feel they have been wrongfully disinherited.

At Holmes & Hills Solicitors, we are able to help you draft a Will that best reflects your wishes whilst also advising you as to the risks involved, and the relevant measures that can be taken to minimise a claim being brought against your estate.

When should you review your Will?

Even if none of the above scenarios apply to you, we strongly recommend reviewing your Will at least every 5 years. Laws change, financial circumstances shift, and your wishes may evolve.

Don’t leave your future to chance. Speak to one of our experienced solicitors and ensure your Will reflects your current wishes and situation.