Updating Your Will: When & Why Marlow & Oxford Homeowners Should Review Their Estate Plans
Making a Will is one of the most important steps you can take to protect your family and assets, ensuring your wishes are followed when you die. However, many people create a Will once, often when buying a home or starting a family, and then forget about it for years.
When circumstances change, families grow, and property values shift, it’s essential for homeowners in places like Marlow and Oxford to review and update their estate plans regularly.
In this article,, we discuss why keeping your Will up to date matters, when you should consider making changes, and how to ensure your estate plan reflects your current situation.
Why updating your Will matters
Your Will is a legal document that outlines what you’d like to happen to your assets following your death, and an updated Will ensures your wishes are followed, saving your family stress and uncertainty at an already difficult time.
Failing to update your Will can cause numerous problems, including:
- Unintended beneficiaries – People you no longer wish to include, such as an ex-partner, still being entitled to a share of your assets
- Leaving out loved ones – New family members or other loved ones who you may not have mentioned in a Will, such as children or grandchildren, may be left out unintentionally
- Complicated property issues – If you’ve moved home or remortgaged, your old Will may not account for these changes
- Increased inheritance disputes – Outdated Wills often lead to confusion, delays, and sometimes even conflicts within families sometimes leading to litigation or the threat of it.
When should you review or update your Will?
You should consider reviewing your Will every three to five years, or sooner if you experience a major life change. Here are some common reasons to review your Will:
1. Buying or selling property
If you’ve recently bought a new home, perhaps a cottage in Marlow or a townhouse in Oxford, it’s important that you update your Will. If you buy a new property, you’ll need to decide who should inherit it or whether it should be sold and the proceeds divided, and if you sell a property or move to a new one, your old Will might reference an address or asset you no longer own.
Property owned as joint tenants automatically passes to the other owner, while tenants in common can leave their share to different beneficiaries.
2. Marriage, divorce, or separation
Marriage or civil partnership automatically revokes (in other words, ‘cancels’) a pre-existing Will, unless it was made in anticipation of the marriage or partnership. This means that if you’ve recently tied the knot, your old Will is no longer valid and you’ll need to create a new one.
Divorce or a civil partnership, on the other hand, does not automatically revoke your Will, but it treats your former spouse or civil partner as if they had died. This can create gaps in your estate plan. If you’ve separated or remarried, updating your Will is essential to ensure the right people are included.
3. Birth or adoption of children or grandchildren
If your family has grown, your Will should reflect that. Many people forget to update their estate plans after the arrival of children or grandchildren, leaving them unmentioned and potentially excluded.
Your updated Will can:
- Appoint guardians for minors
- Establish trusts to manage inheritance until beneficiaries reach a certain age
- Ensure each family member receives the inheritance you intend
4. Changes in financial circumstances
If your assets have significantly increased e.g. your property value has risen or if you’ve inherited money, it’s time to reassess your Will. Conversely, if your circumstances have become more modest, you may wish to simplify your estate plan or adjust how your assets are divided. Regular reviews help ensure your Will still matches your finances.
5. Moving abroad or buying property overseas
If you’ve bought a holiday home abroad, or moved temporarily for work, your estate may now span multiple legal systems. Different countries have different inheritance rules, and your English Will may not cover your foreign property appropriately.
An estate planning Solicitor can help ensure your Will is valid both in England and internationally through cross-border planning, so that all your assets are protected.
6. Changes in relationships or executors
Over time, relationships evolve. You may fall out of contact with a named executor, or perhaps they’re no longer suitable for the role. Executors are responsible for managing your estate, so it’s important that they are trustworthy and reliable.
You may also wish to add or remove beneficiaries as friendships, partnerships, or family dynamics change.
7. Tax law changes
Inheritance Tax (IHT) thresholds and exemptions can change, and property owners are often affected the most. Regularly reviewing your Will ensures you take advantage of available allowances and avoid unnecessary tax burdens on your estate.
For example, homeowners in Oxfordshire and Buckinghamshire can often benefit from the Residence Nil-Rate Band, which provides additional tax relief for passing on a main home to direct descendants.
How to update your Will?
Updating your Will is simpler than you might think. There are two main ways to do it:
1. By codicil
A codicil is a short legal document used to make minor amendments to your existing Will, such as changing executors or updating a beneficiary’s name. It must be signed and witnessed in the same way as a Will.
2. By making a new Will
If you’re making significant changes, like altering who inherits your home or redistributing major assets, it’s best to create a new Will. The new document will automatically revoke any previous versions.
Always destroy copies of an old Will to prevent confusion, and ensure your updated Will is stored safely, ideally with your Solicitor.
Getting professional help
While it’s possible to draft or amend your Will on your own, working with a Wills and Estate planning Solicitor ensures your wishes are legal and properly executed.
Our Solicitors in Marlow or Oxford can:
- Review your current estate plan for gaps or conflicts
- Ensure property ownership is correctly reflected
- Advise on tax-efficient inheritance strategies
- Draft a new Will or codicil that meets your exact needs
Tips for keeping your estate plan up to date
- Set a reminder to review your Will every few years
- Tell your family where your Will is stored and who your executors are
- Keep a record of major assets, including property deeds, bank accounts, and insurance policies
- Update other documents, such as your lasting powers of attorney, at the same time
Creating a Will is vital but keeping it up to date is just as important. For homeowners where property values can change dramatically and family circumstances evolve quickly, regular reviews ensure your Will always reflects your wishes.
At The Burnside Partnership, we can help you to write, review, and update your Will, ensuring it achieves your objectives and covers all it needs to. Contact us today to find out how we can help.