Updating Your Will in Scotland: Why, When, and How
Do you know that statistics show that only 30% of the Scottish population have a legal Will in place? Planning for the future is vital and having a Will is one way to ensure that your wishes are fulfilled. Also, over time circumstances change which may impact on your wishes and result in the content of your Will requiring amendment. In this post, we’ll explore the importance of updating a Will, when to do it, and how to make any changes.
Importance of Updating Your Will in Scotland
Your Will is a legally binding document and it is made reflecting your personal, financial, and family circumstances at the time it was created. As life changes – through marriage, divorce, births, or even asset fluctuations – so too should your Will. Failing to address any necessary amendments may lead to unintended consequences, such as; disputes among family members, assets not being distributed as intended, or your estate facing intestacy.
Not only does a current and accurate Will give you peace of mind, it also ensures that your assets are allocated according to your wishes and eases the burden of decision-making for loved ones after your passing.
When to Review and Update Your Will
At Wallace Quinn Solicitors, we recommend reviewing your Will regularly – at least every five years or whenever significant life events occur. Examples of events that may necessitate changes to your will include:
- Marriage or entering into a civil partnership
- Divorce or dissolution of a civil partnership
- Birth or adoption of a child or grandchild
- Changes in assets, such as buying or selling property
- Changes in your executor(s)
- Changes in your relationships with beneficiaries
Methods for Updating Your Will in Scotland
In Scotland, there are two primary methods for updating your Will: through a codicil or by creating a new Will.
- Codicil
A codicil is a formal legal document that serves as an amendment to your original Will, used primarily for minor adjustments such as changing an executor or adding a new beneficiary. It is essential to consult a solicitor to ensure that your codicil is drafted correctly and does not contradict any provisions within your existing Will. One thing to bear in mind is that having multiple codicils could lead to confusion and ambiguity, which could then in turn result in legal disputes. To avoid such issues it may be more advisable to consider creating a new Will.
- Creating a New Will
This process involves revoking (cancelling) the existing document and effectively starting with a clean slate. As with codicils, it is prudent to consult with a solicitor who specialises in private client law to make sure your new Will accurately reflects your current wishes and complies with the necessary legal requirements.
Regularly updating your Will in Scotland is crucial to ensuring that your estate is managed according to your wishes upon your passing. At Wallace Quinn Solicitors, we specialise in Conveyancing and Private Client Services in Glasgow, Scotland, and are here to guide you through this potentially complex process. Remember to always consult a legal professional when updating your will to avoid any confusion or unintended consequences. If you need to update your Will or create one for the first time, please don’t hesitate to contact us.