How easy is it to amend my existing Will?
Sponsored Editorial with Harper MacLeod
It is not uncommon for clients to comment that they have been putting off updating their Will, as they find the prospect of death difficult to even think about it, or dread having to go through what they think will be a long, drawn-out process to bring their personal legal affairs in order. In reality though, the process of bringing your Will up-to-date should be straightforward.
Creating a clear, effective and up to date Will is one of the most important steps you can take to protect both your family and your wealth after your death. It is best practice to review your Will every three to five years, or in the event of any major life event (such as a marriage, divorce, having a child or coming into significant wealth), and if in doubt, it is always worth having a conversation with a solicitor to understand if any changes are, indeed, required.
Wills not only ensure that your money, property and possessions go to those you wish to benefit, but also allows you to appoint Guardians to look after your young children, leave legacies to charities and make funeral arrangements. Having an up-to-date Will gives your family the security of knowing they have been provided for and gives you peace of mind because you know everything is in order. It is therefore crucial to take proper legal advice, to ensure the Will you make is valid and complies with the legal requirements.
If you already have a Will in place and need to make changes, you have two options: (1) use a Codicil; or (2) prepare a new Will.
A Codicil is a legal document that modifies or amends your previously executed Will. Any amendments made by a Codicil must comply with the same legal requirements and be executed in the same way as your Will. A Codicil does not replace your existing Will; rather, it will be read alongside your original Will. If the Codicil changes something in the original Will, the terms of the Codicil will stand over the terms of the Will.
A Codicil is a useful way of making minor changes to your Will, for example:
♦ Changing your Executor: If the Executor named within your Will has died, for example, you can appoint new Executors using a Codicil;
♦ Updating details: You can use a Codicil to record changes to name/address details for anyone who is named within your Will;
♦ Revoking a Legacy within your Will: If you would like to remove a gift given to a beneficiary in your Will, a Codicil can simply revoke Clauses within the original Will;
♦ New assets: If you have acquired assets that you wish to leave for your beneficiaries, you can use a Codicil to insert additional legacy provisions.
There is no limit to the number of Codicils a person can add to their Will, although the risk of having too many Codicils is that your wishes become confused or unclear.
For that reason, if you need to make many or substantial amendments, for example, following a separation or divorce, it would be advisable to prepare a new Will rather than using a Codicil.
A new Will should contain a clause that revokes any previous Wills, therefore making your new Will the document that will be recognised and adhered to following your death.
