Codicils and rewriting wills
You should review your will at least every five years to take
account of any changes that may affect it. There may be changes
that have occurred among your beneficiaries, for example, or to the
laws of wills and probate, or you may have changed your mind about
certain things since you first made the will.
To make alterations to your will you must write what is known as
a codicil. To be effective, the codicil must be signed by you in
the presence of two witnesses. You can make as many changes as you
like, but it may be better to consider drafting a new will if you
plan to make a large number of amendments.
Changing a will after death: deeds of
variation
If you do not update your will in the few years leading up to
your death, there may have been changes in taxation or in your
family situation that you would have taken account of had you
reviewed and updated the will. This is very common, particularly
when people are very unwell or mentally incapacitated.
In certain circumstances a deed of variation can be drafted if
your executors can see that the will could have been rewritten to
reduce the amount of Inheritance Tax payable from the estate, or
that a tax benefit could be achieved by transferring some assets to
your grandchildren.
The changes made by the deed will be regarded by the
Capital Taxes Office of HM Revenue as if the changes had been in
your will. The executors of your will would, however, have
to get consent from anyone affected by the changes, and,
in the case of minor beneficiaries, a court order.
Last
will and testament Jargon Buster
Claims Financial
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