Having an up-to-date will is essential if you want to ensure that your wealth is distributed as you would wish.
At Stone King we recommend that you review your will every three years or when you experience a major life change to avoid any unforeseen problems.
If you made a will prior to getting married, for example, it will be invalidated when you tie the knot unless you have stated otherwise. On the other hand, getting divorced doesn't make a will invalid, although your former spouse or civil partner won't benefit from it.
Your should also reconsider the contents of your will when you have children or if your financial situation changes. Updating your wishes is often easier than you might think and you don't always have to draft a brand new will.
If you just want to make small changes, such as increase the value of a cash gift or change the name of an executor, you can add a note to your existing will known as a codicil. A codicil has to be signed and witnessed in the same way as your original will, but you don't need to use the same witnesses.
If you want to make more significant changes, however, then it's usually a good idea to have a new will drafted to avoid any confusion in the future.
By updating your will to reflect the changes in your life you can ensure that your estate will be distributed in accordance with your wishes. Not making your intentions clear can only add to the upset experienced by the loved-ones you leave behind.
At Stone King we have extensive experience of drafting all types of wills and providing greater certainty and clarity for our clients and their families. We also offer a free wills storage facility for peace of mind.
For more information about making or updating a will please contact Kerry Rogers in Stone King's Trusts & Estates team on 01225 337599 or visit www.stoneking.co.uk.
