“I’ve Already Got a Will” – The Most Common Misconception
That’s a sentence I hear almost every week. And on the surface, it sounds sensible. After all, having a will – any will – is better than having none.
But here’s the uncomfortable truth:
A will is not a “set it and forget it” document.
Why Wills Need to Change as Life Changes
Life changes. And when life changes, your will should usually change with it.
Think back to when you wrote your will. Were you single? Newly married? Renting? Child-free? Working a different job? Living in a different house?
Now fast-forward to today.
Marriage, divorce, new partners, children, grandchildren, house moves, starting a business, selling a business, deaths in the family – all of these can dramatically affect whether your existing will still does what you think it does.
A Real-Life Example of an Outdated Will
I recently spoke to a gentleman who proudly told me his will was “rock solid”. It had been written 22 years earlier. Since then, he had:
- Divorced
- Remarried
- Bought and sold two properties
- Had another child
- Lost both of the executors named in his will
His “rock solid” will left everything to an ex-wife he hadn’t spoken to in over a decade.
That’s not unusual.
Why Small Changes Can Cause Big Problems
Another common misconception is that small changes don’t matter. But even something as simple as an executor moving abroad, or a beneficiary passing away, can create complications and delays for your family.
A good rule of thumb is:
Review your will every 3–5 years, or whenever a major life event occurs.
Reviewing doesn’t automatically mean rewriting. Sometimes a quick amendment (called a codicil) is enough. Other times, a fresh will is the safest option.
The Goal Isn’t Perfection – It’s Relevance
The aim isn’t perfection. The aim is relevance.
Your will should reflect:
- Your current family situation
- Your current assets
- Your current wishes
Signs It’s Time to Review Your Will
If you’re not 100% sure what your will says – or where it even is – that’s usually a sign it’s time for a review.
And the good news?
Checking is easy. It’s far easier than dealing with the consequences of an outdated will.
If you’d like me to review your existing will and discuss whether it still works for you, just get in touch with me at Beaulieu Wills and Estate Planning for a friendly, confidential chat.
ian.nicholson@bwep.uk
01277 562 567
07919 241 386
Facebook: @bwepuk
Don’t Wait – Protect Your Estate.