I’m sometimes asked whether a new Will is really necessary, or if a client is allowed to just change things with a bit of tippex and careful annotations!
Certainly the scribbles approach is not the way forward.
The question really, is whether your changes require a whole new Will, or whether a Codicil is more appropriate.
You know what a Will is. It’s a document that outlines what you want to happen to your assets on your death. It’s a complete and valid document when signed correctly, in the presence of independent witnesses.
I can hear you asking already, what exactly is a Codicil? A Codicil is a document which is held with your Will, outlining a change or some changes, by reference to the original Will. The original Codicil must then be kept physically with the original Will, but in no way attached, stapled or even paperclipped to the Will.
Whether you’d go ahead with a Codicil or a brand new Will, depends on the situation.
You can see from the above explanation that if you have a Codicil drawn up, it’s clear for all to see, what you had in mind previously, and the changes you made. So if you’re removing a friend who you have since fallen out with, or changing the percentages that your beneficiaries are to receive, and you think the knowledge of what you had planned before, might cause difficulties, you’d be best not to hang your dirty laundry in public.
If you’re simply adding some legacies to your dear grandchildren, who have been born since your original Will, you may take the view that a Codicil is perfectly fine. There’s nothing controversial and nothing that anyone could reasonably be upset by.
Some people, once they realise they have no reason to appoint professional advisers as their executors, want to change that appointment to close family. The people who will be incentivised to sort things out. Those people can then “shop around” if they don’t like an adviser’s price or attitude, when you die!
The decision of whether to formalise your new thoughts in a new Will or a Codicil, may be determined by your professional adviser. If they have your Will captured on their computer system, it may be easier for them to simply go in to your existing Will on screen, make the changes you instruct, then run off the new Will, ready for your signature.
At the firm where I trained, I supported a gentleman who liked to change his Will before Christmas every year. Had we dealt with this by way of a Codicil each year, he’d probably have about seventeen Codicils by now! He liked to add various charities and update amounts to people who had been particularly kind to him each year (he had no children).
What about charging? If you’re going to make a change, and you were happy with your professional adviser the first time round, stick with them and ask them clearly about charges in advance, so that you know what costs you’re incurring.
Most will agree a fixed fee based on the work involved, even if you signed Terms of Business when you first met, which indicated some other way of charging. It’s certainly worth a conversation.
Do keep your Will up to date, based on your changing circumstances.
I’m happy to chat through any questions you have. Call my office on 01727 840 240 and ask for Jane.