Moving house is an exhilarating yet often overwhelming experience. Amidst the chaos of packing boxes, changing addresses, and coordinating logistics, it is easy to overlook crucial aspects of personal finance and estate planning.
One such element is ensuring that your will is up to date or drafting a new one if you have not already done so. None of us can predict the future, and making sure that your assets are distributed according to your wishes after your passing is paramount. Yet, many overlook the importance of revisiting their will after a move.
Why Does Updating My Will Matter When I Move House?
Your will serves as a blueprint for how your assets will be distributed after your passing. It outlines a number of your wishes regarding the likes of property, finances, and guardianship of minor children. When you move house, several factors can necessitate changes to your will. Firstly, all wills must include an up-to-date address. Failure to do so could cause unnecessary confusion upon the testator's death.
Moving often involves significant changes in your asset portfolio. You may acquire new properties, sell existing ones, or invest in different assets. Your will needs to reflect these changes accurately to avoid confusion or disputes among beneficiaries. If you're a property owner, it's essential to specify in your will what should happen to your property after your demise. Moving house can significantly impact the value of your estate, necessitating accurate reflection in your will.
Relocating may also reflect a change in your personal circumstances. Perhaps you've just got married, divorced, or welcomed a new family member. These life events can impact how you wish to allocate your estate, making a will update essential.
If you're moving to a new country or even a different region within the same country, it's crucial to ensure that your will complies with the legal requirements of your new jurisdiction. Laws regarding wills and probate vary, and an outdated or improperly drafted will may not hold up in court.
What Should I Do When I Move House?
When preparing to move house, you must keep any documents related to your finances or future on hand. When it comes to your will, it’s recommended that you begin by reviewing it before you move. Take note of any outdated provisions or changes in circumstances that may necessitate updates.
Consider how your move will impact your estate planning needs. Are you acquiring or disposing of property? Have there been any changes in your family situation? Make a list of the key changes that should be reflected in your updated will.
While it's possible to draft a will on your own using DIY kits or online templates, seeking legal advice is highly recommended, especially during significant life events like moving house. A solicitor can provide invaluable guidance tailored to your specific situation, ensuring that your will is legally sound and comprehensive. Work with your solicitor to draft a new will or amend your existing one to reflect the changes discussed. Be clear and specific about your wishes, including details regarding asset distribution, guardianship arrangements, and any other pertinent matters.
Store your will in a secure location, such as a safe deposit box or with your solicitor. Ensure that your chosen executor knows where to find it and provide them with any relevant instructions.
How Do I Update My Will?
While it's essential to update your will after relocating, it's wise to review it every five years to ensure it reflects your current circumstances and desires accurately. However, the process isn't as straightforward as simply making direct amendments once the will is signed and witnessed. Instead, changes necessitate either the creation of a new will or making a codicil, which acts as a supplement to the original will, making specific alterations while preserving the remainder of its contents.
A codicil serves various purposes beyond house moves, such as adjusting cash legacies, appointing new executors or guardians, or adding beneficiaries. To be legally binding, a codicil must be signed by the testator and witnessed in the same manner as the original will. While the witnesses need not be identical to those of the original document, their presence is crucial to validate the changes.
There's no limit to the number of codicils that can be added to a will, but they're most suitable for straightforward alterations. In cases involving complex changes, like the death of a primary beneficiary, it's often preferable to create a new will to ensure clarity and avoid potential complications. If you choose to create a new will, you must ensure your old will is destroyed. It is advisable to consult a solicitor should you wish to make updates.
Moving Soon and Looking for Advice?
Moving house marks a significant life transition, and updating your will should be a top priority amidst the chaos of relocation. By ensuring your will reflects your current address and property provisions, you safeguard your estate and ensure your final wishes are upheld.
Remember, your will is not a one-time document; it requires periodic review and adjustments to stay relevant. Whether through codicil or a new will, taking proactive steps to update your estate plan ensures peace of mind for you and clarity for your loved ones.
The highly experienced team at d and h is here to assist you with the critical decisions surrounding your estate, including ensuring your will is current and aligned with your wishes. Whether you need to update your will or draft a new estate plan altogether, we're here to provide guidance every step of the way. Contact us today for more advice or information about our estate planning services.