Knowledge

Does My Will Need Updating?

12:12, 12/6/2020

When a Will is made, the terms of the Will reflect the wishes of the Testator (the maker of the Will) at that particular time. The Testator made the Will with the intention that those wishes are followed.

However, over time as our personal circumstances change or indeed those of our intended beneficiaries, it is recommended to review the terms of our Wills to ensure that they are still in keeping with our current wishes.

We at Oakwood Solicitors recommend reviewing your Will every 3-5 years or when there has been a significant change in your life. This could be:

1. Entering into a new relationship
2. Marriage/Forming a civil partnership
3. Separation from a spouse or partner
4. Finalisation of a divorce or dissolution of a civil partnership
5. The birth of children or grandchildren
6. Children becoming adults
7. Loss of contact with Executors
8. Guardians moving away from the local area
9. Buying a new property
10. Increase in personal wealth
11. Death of a beneficiary/ Executor/ guardian
12. Sale or loss of a specific item left to an individual (eg ornament/car/shareholding)
13. The requirement to protect a now vulnerable beneficiary (divorce/disability/addiction)

Any of these changes in our lives may have an impact on your current Will and this could be resolved by having your Will reviewed.

Oakwood Solicitors offer a free review of your current Will (it does not need to have been made by ourselves) and it may be that your Will has been prepared to meet with any changes that occur and therefore no changes are required.

If your Will is required to be changed then depending on the changes you wish to make to your current Will the options are:

1. A Codicil could be written to your existing Will. A Codicil is a separate legal document which sits alongside your current Will and allows you to make amendments to your Will. We would advise the use of a Codicil to make minor amendments to your Will.

OR

2. A New Will. This would be advisable if the changes you require are more complex. This would prevent any ambiguity in the future and limits the risk of any disputes regarding your intentions.

Why choose Oakwood Solicitors?

Oakwood Solicitors can assist you through this process and provide you with the necessary advice. Our team have gained an excellent reputation amongst local organisations and their client-base for delivering a personal and compassionate service. As a firm we pride ourselves on having a high standard of customer service and making all our current and potential clients feel at ease when making any decisions regarding their future wishes.

You will have a dedicated advisor who will work through the Wills process with you from start to finish, assisting you in the event of any queries or issues you may have. Your advisor will also continue to provide regular updates until your final Will signing and then will send you reminders in future years should you need to modify your Will.

Once your Will has been signed, we can store your Original Will free of charge in our deed store department and provide you with a copy to keep with your personal documents. We will ensure the process is as stress-free and effortless as possible.

WHAT TO DO NEXT

Get in touch today for a free initial consultation in complete confidence. Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9787 to find out how we can help you.