6 things you need to do to (properly) update your will

There are several very important reasons why you might want to update a will - whether that’s starting (or ending) a relationship, marriage, new members in your family or a sudden windfall, you’ll need to think about making changes.

Think of your will as a living document, something that needs to be reviewed and regularly updated - not one that gets locked away and forgotten about.

If you don’t keep it up to date (and make the changes correctly), there’s the very real risk that your wealth and possessions won’t end up being distributed as you would want.

Of course, how you go about updating your wishes will entirely depend on the detail of what you want to do.

If you want to make minor changes, then a little amendment might be all that’s needed – or it could require a full rewrite to make it clear enough for someone else to carry out your wishes.

The thing is, it can be tricky to know which is right and when – should you just do a small, cheaper update, or play it safe and fork out hundreds to make a new will? Whatever you decide, you'll need to know how to make sure it's thought about correctly.

1. Is it a small update?

If you’re thinking of giving money to one person or want to make sure your will is handled by someone new in your life, things are pretty simple:

“If you simply want to add in a monetary legacy, or change an executor for whatever reason, you can do that by codicil,” says Jenny Walsh, Partner at law firm, Osbornes Law.

A codicil is a separate document that allows you to update or change something within your will, without the cost or hassle of rewriting it altogether.

This might include adding a legacy of £10k for a new grandchild, for example, or if you’d left your jewellery to your daughter but now wanted to leave it to your granddaughter, she suggests.

Only use codicils for small changes, otherwise you risk the wording creating inconsistencies. “Having one document amend another can be confusing if you’re making lots of changes,” Walsh adds.

The key thing is that a codicil must make sense when read alongside your will – so make sure it’s worded clearly (and never staple, paperclip or otherwise attach it to the main will, as this can invalidate it).

Much like a will, it also must be signed and witnessed by two people over 18 in England and Wales (16 in Scotland) - although they don’t need to be the same as those that witnessed the original will signing.

These people cannot be beneficiaries of the will (nor their spouse or civil partner) and must not be related to the will writer (testator).

2. Making bigger changes

Walsh suggests that if you want to make bigger changes to your wishes – such as how your estate is going to be divided – it makes sense to rewrite your will.

For example, it would be advisable to write a new expression of wishes if you want to split up what you leave between your children and any new offspring they’ve added to the family.

Equally, if other changes in your circumstances (like moving to a new property) occur, a new will is often a good idea to keep things clear.

It’s also smart to consider a new will if you’re making lots of minor changes: “For example, if you’re amending executors, legacies and residue, even if those changes seem minor on their own, you’re better off with a new will to avoid any confusion,” Walsh adds.

This new will should state that it revokes (officially cancels) all previous wills and codicils. Then you should destroy your old will.

Importantly, when you get married that automatically ends any will you’ve already made, and you’ll need a new one as soon as you tie the knot – otherwise it’s as if you’ve not made a will at all.

3. Do I need a professional to update my will?

If your requirements are straightforward, you might be considering an online will-writing service, or even doing it yourself.

However, tread carefully. Unless your will is incredibly straightforward, it’s easy to underestimate the complexities involved and make mistakes.

Any errors in your will or codicil can cause problems after your death that could result in considerable legal costs for your estate.

Unlike solicitors, will-writers aren’t regulated so if you choose a will-writing firm, make sure it belongs to a body like The Society of Will Writers or The Institute of Professional Willwriters, which has a Trading Standards-approved code of practice.

The cost of writing a will varies enormously depending on the complexity, but shopping around can save you hundreds of pounds, with an average price being between £100-£200 for a basic will and a codicil usually costing under £100.

Another option, if you’re leaving a bequest to a charity, is to check whether they offer a free or low-cost will-writing service, but do consider leaving a bequest if they help you out.

11 life moments when you really should update your will

4. Inventory changes

When you wrote your existing will, your solicitor may have asked you to make a list of all your assets. This would include your various bank, saving, share and investment accounts, your home, other properties you may own as well as any valuable possessions or heirlooms such as jewellery, antiques or art.

If a lot of time has passed since you last wrote your will, your wealth and possessions will likely have changed so it’s important to accurately update this while making any other alterations.

If the original list was on paper, you might decide to switch to a spreadsheet - it’s harder to lose this and you can easily make multiple copies.

It’s helpful to provide details of where your money is. However, don’t be tempted to list log-in details for online accounts.

Your executors will need to follow the official channels to access them and ensure that the processes of dealing with your estate have been done correctly – as well as reducing the risk of fraud.

5. Executor check

When you originally wrote your will, you will have been asked to name an executor – a person who will be tasked with handling your estate once you've died.

When you review your will, it makes sense to consider whether this is still the right person. You may decide to update it if there is now a more obvious candidate for the role, you’ve lost touch with your original choice or if they’ve passed away themselves.

While changing the executor can be, as mentioned above, achieved with a simple codicil, evaluating your current executor and choosing the right person is key to properly updating a will.

“You need someone who is practical, will get on with the job, is good with finances, organised, and is diligent with collecting information,” says Walsh.

Once you’ve confirmed the executor, it’s a good idea to tell them you’re updating your will and check there are no changes to their name and address. Beyond that there’s no need to go into detail.

Should you appoint a professional as an executor?

Getting your solicitor, accountant, bank or a probate and estate administration specialist to share the load can be a godsend for your loved ones - but it can also become very expensive.

However, if you have a complicated or difficult situation, such as foreign assets or beneficiaries who don’t get on, it could work out more cost effective to have a professional involved as things will be dealt with more quickly and efficiently, says Walsh.

Find out more about the cost of professional executors, and if they’re right for your personal situation, at MoneyHelper.

6. Storing your will

There’s no specific place you need to keep your will legally – but make sure it’s instantly accessible to those that need it.

It makes sense to keep a copy at home in a safe place, alongside other important paperwork. However, care is necessary to ensure it’s not somewhere that it could get lost or accidentally thrown away.

If you used a solicitor or will-writing service, they will normally be able to store it for you too, providing a back-up if your personal copy gets mislaid or your executor can’t find it.

If that’s not an option and you’re worried about it being lost, you can register it with HM Courts and Tribunals Service for a flat fee of £20.

You should never store your will in a safety deposit box at your bank. “It can cause issues if you have your will in a safety deposit box and the bank won’t allow executors access until there’s a Grant of Probate,” says Walsh.

“Each bank has different procedures. You need the will to get the Grant of Probate in the first place [to open the box] so sometimes it’s a catch-22. It’s best to store it somewhere more easily accessible.”

Wherever you store your will, make sure your executors know where it is and, if there’s no copy at home, make sure they have the contact details of the solicitor or other organisation that’s storing it – and update them if that ever changes.