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.

You can make alterations to your will by writing a codicil – a
document that details any changes you wish to make to your will.

It should be kept in the same envelope as your original will.
You can use a codicil to increase or reduce legacies, create
additional ones, maybe to charities, and change executors if
circumstances have changed and the original executor is no
longer able, or no longer wants, to act.

To be effective, the codicil must be signed by you in the presence of two witnesses in the same way as when you originally signed your will.The witnesses do not need to be the same ones who signed your will.You can make as many changes as you like, but if you are making many amendments it may be better to draft a new will.

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 variations in 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 gain the consent of anyone affected by the changes, and, in the case of minor beneficiaries, a court order.