Why January is the perfect time to update your will

Charlotte Thomas shares her thoughts in an article for Surrey Homes

As 2025 begins and we look ahead to a new year, it is worth considering whether you need to review your existing will or make a will if you have not yet done so.

We are often asked what should prompt someone to make a will, or to update their existing wishes.  There is no quick answer to this, and it will depend upon a multitude of factors.  Changes to your family life, changes to your assets, and changes to the law applicable to wills and taxation, are all potential trigger events.  These changes might not necessarily be bad, either; for example, you may come into an inheritance or welcome a new child or grandchild into the world.

It is often easier to think about these types of trigger events by giving consideration to the five ‘Ds’, each of which can be challenging enough in isolation but even more so if one ends up triggering another.

Divorce

January is one of the busiest months of the year for divorce or separation enquiries.  It is important that you seek advice on your will as soon as possible in the proceedings given the impact that this could have on the wishes you have previously expressed, especially as the divorce itself will invalidate certain aspects of your will.  Likewise, if one of the beneficiaries of your will is going through a divorce, or is likely to in the near future, you may need to reconsider the provision you have previously made for them.

Death

The loss of a loved one can be very distressing, and the same is true if you or they are diagnosed with a terminal illness.  Whilst your will may not be at the forefront of your mind in such circumstances, it is nevertheless essential to review the wishes you have made and get advice on whether any aspects of your will ought to be changed as a result.

Disability

You should also consider making a will or updating an existing will if any of your chosen executors, trustees or beneficiaries has a disability or has been incapacitated in some way, whether through an accident, illness, or simply as part of the natural ageing process.

Dispute

It is not uncommon for disputes to arise between family members, and spending time together over the festive period can sometimes provoke conflict and tensions.  Whilst disputes of this nature will hopefully be short-lived, in other instances they can have far-reaching consequences.  It is important that you are aware of the impact such a dispute could have when you die and your estate needs to be administered.

Debt

If anyone named in your will has been or is likely to be declared bankrupt, you should ensure that your will is updated as a consequence.  A beneficiary who is an undischarged bankrupt could risk losing their inheritance through a claim by their trustee in bankruptcy.  It is also not advisable for someone who has been declared bankrupt to act as an executor or trustee under your will.

With all of these elements, it is essential to take expert advice. Get in touch if you have any questions.