Finanze Legacy Insights · England and Wales
When should you update your will? Seven life changes worth reviewing.
Finding an old will can bring relief: something has been signed and stored. But an old document can still describe a life you no longer live. Names, family relationships, assets, borrowing and wishes change. A useful review asks both whether the will remains legally effective and whether it still produces the outcome you want.
GOV.UK recommends reviewing a will every five years and after a major life change. You need not rewrite it every year. You do need to recognise the events that make a review urgent. Here are seven common triggers for people in England and Wales.
1. Marriage or a civil partnership.
Marriage or forming a civil partnership can revoke an earlier will unless a relevant legal exception applies, such as a will specifically made in contemplation of that marriage or civil partnership. This has much bigger consequences than merely changing the name on a page. An old plan for children, a partner or a business may cease to operate as expected.
If a ceremony is approaching, tell the will-drafting professional in advance and have the current document checked. If you have recently married, do not assume the previous will still does what you intended. The timing and drafting matter.
2. Separation, divorce or dissolution.
People often postpone a will review because a separation is difficult and other paperwork feels more urgent. Yet what you want while a divorce is pending can differ from what your current will says. Divorce or dissolution has specific legal effects on certain will provisions once completed, but it is unwise to rely on a shorthand rule about an ex-partner automatically disappearing from every arrangement.
Check the will, ownership of the home, life policies and pension nominations separately. Jointly held assets can behave differently from assets passing under a will. Get advice during the transition, particularly where children, dependants or a company are involved.
3. A child, grandchild or change in dependency.
Having or adopting a child often changes whom you wish to benefit and who should look after practical matters. A new grandchild, stepchild or dependent relative may prompt different questions. It is also worth reviewing who would administer the estate and whether beneficiaries' ages or circumstances call for careful drafting.
A will may contain provisions for children as a class, but you should not assume an older document covers every person or outcome you now have in mind. If there is a blended family, ask specifically how a surviving partner's needs and children's eventual inheritance fit together. A trust might be worth considering in some cases, but suitability depends on the circumstances.
4. Buying, selling or changing how you own a home.
Buying a property does not automatically make an existing will inappropriate, but it may change the size and shape of the estate. More importantly, a jointly owned home can pass by survivorship if held as joint tenants. If held as tenants in common, your share may instead pass under your will or the intestacy rules. GOV.UK describes how the ownership type changes what happens on death.
If you have bought with a partner, inherited a share, moved a home into different names or purchased rental properties, ask a professional to check both the title and the will. A mortgage, declaration of trust and insurance may also affect the practical result. Do not try to “fix” the will in isolation.
5. Starting, selling or restructuring a business.
Shares in a company, a partnership interest and personally owned assets are not interchangeable. When you start a business or move property into a company, review who owns the shares, what any agreement says and how a successor could keep things operating. A will can deal with certain assets after death, but company documents and finance terms may constrain the options.
If the business is sold, an old gift of particular shares may no longer do what you expect. An adviser can look at the wording, the proceeds and any other major changes together. Our business succession guide explores the different authority and ownership questions.
6. An executor or beneficiary can no longer take the role.
Your chosen executor might have died, become unable or unwilling to act, or moved to a position that makes the appointment impractical. A beneficiary's needs or circumstances may also have changed. The key question is whether the people named can still fulfil their roles and whether you still want the distribution written in the document.
Talk to potential executors about what the job entails. Ensure somebody knows where the original will is stored. Keep a secure list of professional contacts and assets so a willing executor can actually find what they need. A carefully drafted will helps less if nobody can locate it.
7. A significant change in finances or intentions.
An inheritance, a larger property portfolio, a major loan repayment, a gift to a relative or a new charity preference can alter your plan. Changing the names on accounts may matter too. The estate may now contain assets in multiple jurisdictions, or a property finance arrangement may have changed what is realistically available to beneficiaries.
For property investors in particular, review personal holdings, company shares, borrowing, partner agreements and who would administer the portfolio. A beneficiary may receive value without being equipped to manage a rental business. The property succession guide is a useful checklist.
How do you make a change safely?
Writing an amendment on the original will is not the way to change it. GOV.UK says changes require a properly executed codicil, while major changes generally call for a new will. Formalities and wording matter. Seek advice before destroying an earlier document, especially if you have complicated family or property arrangements; a professional can advise on revocation and safe storage.
Bring your current signed will, a short outline of your assets and debts, and the names of people you want to benefit or appoint. You do not need a perfect balance sheet to start the conversation. If you cannot find the will at all, say so. Review related documents such as lasting powers of attorney and insurance nominations at the same time, remembering each has a different purpose.
The best time to review is while you can still explain your wishes freely. Capacity to make a will is a separate legal question from capacity to make every other decision. If you are concerned about someone's ability to make or change a will, obtain specialist advice promptly rather than asking a relative to edit the document for them.
From our founder / The Finanze Framework™
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Alastair Hoyne’s book, The Finanze Framework: Property Strategy & Finance Success, connects the decisions behind acquiring and financing property with the longer-term responsibility of protecting it.
Its final part, Protecting What You Build, invites investors to think beyond the next transaction and consider family, continuity and choice.
35Thinking in GenerationsFamily, continuity and choice
36Estate Planning & ProtectionQuestions to take to the right specialists
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