If you want to make changes to your will at any time, you can. It’s pretty straightforward.
Changes to your will
Typically, you can make changes to your will for less than the cost of getting a new one drawn up. If you bought a will from us – Maplebrook Wills – we’ll rewrite it at a reduced cost.
So when is it a good idea to make changes to your will?
Typically people do so if there’s a change in their family circumstances, a change in their assets, or if an executor is no longer able to fulfil their duties.
Changes in family circumstances are often happy ones. Maybe you’ve just had a new child or grandchild, for instance, and you want to ensure they’re taken care of financially.
A change in family circumstances can sometimes be negative, of course. Perhaps you’ve fallen out with someone in your household and you want to write them out of your will. It’s a sad situation, but it’s human nature.
Changes to your assets are typically when you’ve suddenly come into money or property through an inheritance or the success of a business.
In this situation, it may be wise to have a conversation with your financial advisor. They’ll be able to advise you on the tax implications for your estate. If you do not have a financial advisor, Maplebrook Wills can recommend a good IFA in your area.
A change to your will could help in this situation. You could create a trust to be the legal owner of your home or another property you’ve inherited. A trust could help to ensure that the property wasn’t subject to inheritance tax, which is charged at 40% if your estate goes above a certain threshold.
It’s important to remember that a will isn’t a catalogue of items that you own. If you buy a new car or get an expensive new phone it’s unlikely you’d need to change your will. Your will simply distributes your assets in the proportions you specify.
However, a very good reason to change your will is when one of your executors can no longer do the job.
The executor is the person, chosen by you, who carries out the instructions in your will after your death.
Typically you’d name two or three executors, in case one or more of them dies before you.
But if one executor moves abroad or is diagnosed with a serious illness, it would be difficult or unfair to ask them carry out your wishes. In that case, it’s probably best to change your will by naming a new executor.
A change to a will is called a codicil and is simply a document added to your original will. It needs to be signed and dated in just the same way as the original.
Do you need to make changes to your will or do you need a new will? Talk to us today. Contact Maplebrook Wills on.