LIFE EVENTS YOU SHOULD CHANGE YOUR WILL FOR
Got a will? Then you should be updating it every five years, according to the experts...
IF YOU'VE NOT LOOKED AT YOUR WILL IN A WHILE, IT'S PROBABLY TIME TO MAKE SURE EVERYTHING IS UP TO DATE - otherwise, you'll leave your loved ones with a headache that could cost them thousands of pounds. The good news is you won't need to pay for a new will if you only need to make small changes, instead, you can pay for an edit called a codicil. This usually costs around 50 and allows you to change simple things like executors or add a legacy. This is a good way to keep the cost down. IF YOU'RE ALTERING YOUR WILL DRASTICALLY, YOU'LL NEED TO START AFRESH. A simple will drawn up by a solicitor can cost between Icpc) and £200, more for a couple, depending on where you live in the UK. The more complex the will, the more it will cost. You'll need to clearly state that previous wills or codicils are revoked. You'll also have to destroy previous versions and tell your executor where your new will is kept, so they know where to find it when the time comes. BIG LIFE EVENT? THEN UPDATE YOUR WILL STRAIGHT AWAY! • Getting married - any existing wills are revoked when you marry in England and Wales (not Scotland). • Getting divorced - your married will isn't automatically revoked but, in England or Wales, exes won't benefit. °:. New children or grandchildren -you may want to include them as beneficiaries. • Buying a house - it's the biggest purchase you'll ever make and it's good to mention it, especially if you are downsizing. • Coming into some money -say who will be the beneficiary. • Losing a loved one - you'll need to update your will, especially if they are named as the executor.