Home > Altering Your Will > Questionnaire: Should I Alter or Rewrite My Will?

Questionnaire: Should I Alter or Rewrite My Will?

By: J.A.J Aaronson - Updated: 29 Mar 2015 | comments*Discuss
 
Will Rewrite Alter Codicil Inheritance

From the outset: congratulations. The fact that you are reading this article suggests that you have already taken the important step of writing a first will. This will have a potentially huge effect on the treatment of your affairs after your death, ensuring that your estate is distributed as you would wish.

Frequently, however, simply writing a will is not enough. In order to remain effective, your will must be updated in line with any major life events that may occur. This two-part questionnaire will help you determine whether or not your will requires revision and, secondly, whether you should make alterations to your existing will or start again from scratch.

Should I revisit my will?

1 Have you had children since you wrote your will?

2 Have you been married or divorced since you wrote your will?

3 Has the value of your estate increased significantly since you wrote your will?

4 If so, does the total value of your assets now exceed the Inheritance Tax nil-rate band (set at £312,000 for the 2008-09 tax year)?

5 Have any of your named executors or beneficiaries died, or made clear that they do not wish to be included in the document, since you wrote your will?

If you answered 'yes' to one or more of these questions, you should definitely revisit your will. Marriage or divorce is probably the most common prompt for the rewriting of a will, but any of the other events listed above should cause you to revisit the document. In particular, an increase in the value of your estate such that it now exceeds the nil-rate band for IHT can have huge tax implications for your beneficiaries. You should look into establishing trusts to minimise your exposure as a matter of urgency.

Should I rewrite my will, or amend it?

1 Did you write your will without the help of a solicitor?

2 Do you wish to establish a trust in your will?

3 Have you been married or divorced since you last wrote your will?

4 Do your desired changes exceed renaming or altering your executors or beneficiaries?

If you answered 'yes' to one or more of these questions, you should almost certainly rewrite your will, rather than altering the existing document. Major changes like those listed above may require a restructuring of the document that could not be achieved through alteration or addition.

On the other hand, if your desired changes are simple, such as naming new beneficiaries or executors, an addition to your existing will may be sufficient. This is achieved through the use of a codicil, which is attached to the will. It must be signed and witnessed in the same manner as the will itself, and takes precedence over it in the event of a conflict.

If you are unsure about a suitable course of action, you should always contact a solicitor. A will that is incorrect or irrelevant is frequently no more use than not having a will at all, and it therefore makes sense to spend a little time getting it right.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
@Paulyne. A codicil is usually sufficient for adding new beneficiaries, but your solicitor will be able to give you more information.
TheWillExpert - 1-Apr-15 @ 12:56 PM
We have a standard Will where our assets are equally spread within our family. However, we made a point of actually cutting one member of our family out due to a long fall out. This has now been repaired and we would like to make sure they are now part of our beneficiaries. Can you please advise whether or not we should now re-write our will, or will a codicil suffice?Many thanks,Paulyne
Paulyne - 29-Mar-15 @ 6:26 PM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • MARYM
    Re: Preparing Your Will in Scotland
    My father changed his will 4 months before he passed away aged 82, he was unable to sign his will, he only mentioned 2…
    12 May 2020
  • scot20
    Re: Scottish Rights of Succession
    In a simple will, no property on a little savings, is it necessary to have a whole section on trusts as in STEP? Everything going…
    20 April 2020
  • suspicious
    Re: Preparing Your Will in Scotland
    Scotland - The main beneficiary of a will made by my uncle ( suffering from dementia) arranged for a completely new Will to be…
    8 April 2020
  • Someone
    Re: Dealing With Intestacy
    Hi, I am trying to get prepared for when my time comes when my mother passes on. There is a will and I am the sole person who will…
    2 December 2019
  • Tina
    Re: Preparing Your Will in Scotland
    My husband signed will at the later date than will itself is dated. On the last page is only his signature,no printed name and…
    23 November 2019
  • Robin
    Re: Are Verbal Changes to a Will Valid?
    My Mom passed away she had a will made in 2012 though since has wanted to make changes she told me and my sistee (whom is…
    27 July 2019
  • Ray Delta
    Re: Debt After Death
    My partner passed away in February 2019 leaving no estate assets or monies, she had a vehicle on a lease hire agreement with an £8,800. now owing.…
    7 July 2019
  • Geoff
    Re: Divorce and Revoking a Will
    Three years ago when my wife, now deceased, was in a nursing home I had a will written that left everything to my wife's great…
    4 July 2019
  • Tonyn
    Re: How Legally Binding is a Will?
    My wife’s mother has dementia and some of her family don’t want nothing to do with her now and no longer visit her, and they…
    10 June 2019
  • John25
    Re: How Legally Binding is a Will?
    I made the mistake of removing the staple from a will to produce a copy for a beneficiary. What are the usual consequences and…
    16 April 2019