How often should I review my Will?

Even if you do not think any changes are needed, it is advisable to review your will at least every five years, if not sooner.

What are the most common reasons to change a will?

• You change your mind about gifts in your existing Will
• You acquire new assets that you wish to gift to certain loved ones
• You get married or divorced
• You have more children or grandchildren
• You wish to appoint or change your children’s guardians
• You wish to change your executors
• If there have been changes to the inheritance tax legislation which you need to plan for

When is my Will no longer valid?

Your Will is automatically revoked if:

• You make a new Will
• Your destroy your existing Will
• You get married or enter into a civil partnership and you have not already included provision for this in your existing will.

How do I change my will?

You can either draft a new will or, if you only have minor changes to implement, you can draft a codicil.

When would I use a codicil?

A codicil is an addition to your existing Will so your existing Will would remain in place.

A codicil is for small changes such as:

• Changes to your executors
• Including a new beneficiary
• Including a gift of a certain asset to a beneficiary
• Changing percentages

If you have multiple changes to make, it is advisable to draft a new will as opposed to a codicil.

Here at Charlton Baker we are not only inheritance tax specialists, but we are qualified Will writers. Please get in touch to find out more.