New Year, new Will – Does your Will need revising?

As 2025 approaches, many are busy setting New Year’s resolutions, from personal growth to professional development – but how many will forget their Will?

We recommend updating your Will regularly, every five years and after major life events.

If you have not updated your Will in a while or 2024 has been a big year for you, it may be time to revise your Will and ensure it reflects your current wishes.

When Wills need updating

Aside from regular updates and reviews, there are a number of circumstances when you need to update your Will to reflect your family situation and estate.

These may include:

• Marriage or civil partnership, as this usually revokes existing Wills
• Divorce or dissolution as provisions for ex-spouses are typically invalidated
• The death of a beneficiary or executor
• The birth of children or grandchildren
• Significant asset changes, such as aquisition or disposal
• Changes to your relationships with family members or loved ones
• Changes to Inheritance Tax legislation

Reviewing a Will regularly ensures it reflects your current wishes and circumstances.

Updating your Will

There are generally two ways to update your Will, depending on the information you need to include. These are:

• A codicil – A formal, legally binding document that makes small changes to your existing Will, which must be signed and witnessed, like the original Will.
• Writing a new Will – For significant changes, it’s often better to create a new Will, which should clearly revoke the old one and detail your current wishes.

When writing a new Will or updating an existing one, it is important that you get it witnessed and signed properly, otherwise it may not be valid and your estate may not be distributed according to your wishes.

Recent changes

One of the headline changes to the UK tax code from the recent Budget was the updates to Inheritance Tax (IHT) law.

Agricultural Property Relief is being reformed from April 2026, meaning farms passed on will be subject to 100 per cent relief for the first £1 million of combined assets and 50 per cent relief for additional assets.

For advice on updating your Will in the new year, please contact our team.