Changed circumstances, change your Will

We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to ensure that you do not die intestate (without a will) where the intestacy rules will decide how your estate is distributed.

HMRC’s guidance on making a will makes an important recommendation that you should review your will every 5 years and after any major change in your life, such as:

  • getting separated or divorced;
  • getting married (this cancels any will you made before);
  • having a child;
  • moving house;
  • if the executor named in the will dies.

In order to make a minor change to your will you must make an official alteration called a codicil. This change must be witnessed in the same way as witnessing an original will. There are no limits on how many codicils you can add to a will.

However, if the changes are significant, we would recommend making a new will. The new will should also explain that it revokes (officially cancels) all previous wills and codicils. Any and all copies of previous wills should then be destroyed.

Planning note

We would strongly recommend checking any current wills to ensure that your assets are divided amongst family, friends and charities in accordance with your wishes.

Posted in Inheritance Tax

Exeter Accountant MJ Smith & Co

Celebrating 25 years of excellence.

Free 1st Meeting
Fixed Fees
Free Support!

Find out more

Client Portal Login

Forgot Password?

Latest News

What is a PET?

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime …
Read More

Don’t forget to handout P60s

The deadline for employers to provide employees with a copy of their P60 form is by 31 May 2018. A …
Read More

Claiming for job related expenses

Employees who use their own money to buy things they need for their job can sometimes claim tax relief for …
Read More

Twitter Feed