Why Everyone Should Review Their Will After Retirement

Retirement is a major change of pace. It is often the point when people review their pensions, spending, property and plans for the years ahead. Your will deserves the same attention.

Retiring does not, by itself, make a valid will invalid. The reason to review it is practical: the document may have been written many years ago, before important changes to your family, finances, property or priorities.

A will review does not automatically mean starting again. It is simply an opportunity to check that your existing arrangements still reflect what you want and that the people named in the document remain suitable.

Why retirement is a sensible time to review your will

Many wills are made during busy stages of life: buying a first home, raising children or building a career.

By retirement, some of the assumptions behind that will may no longer be accurate.

You may now:

own a different property;
have grandchildren or stepchildren;
be in a new relationship;
have more substantial savings or investments;
have received an inheritance;
want to support different people or charities; or
need to reconsider the people appointed as executors.

Even when your main wishes have not changed, reviewing your will can provide reassurance that the document still works as intended.

Seven matters to check after retirement

1. Does your will still reflect your family?

Family circumstances rarely remain fixed.

Children become adults, grandchildren arrive and relationships change. Some people enter a second marriage or civil partnership, while others form a new relationship without marrying.

This is particularly important for blended families. You may want to balance the needs of a spouse or partner with those of children from an earlier relationship.

A straightforward will written many years ago may not achieve the balance you now intend.

You should also check that every beneficiary is correctly identified and that the will explains what should happen if somebody dies before you.

2. Are your executors still the right people?

Your executors are responsible for dealing with your estate after your death. Where a grant is required, executors named in the will can apply for probate.

Someone chosen many years ago may now:

be in poor health;
live abroad;
no longer be close to you;
be unwilling to take on the responsibility; or
find the practical work difficult.

Consider whether your executors are still people you trust and whether they are likely to work well together if you have appointed more than one.

It may also be sensible to appoint replacement executors in case an original choice cannot act.

3. Has your property position changed?

Your home is often one of the largest parts of your estate.

Since making your will, you may have:

moved home;
downsized;
paid off a mortgage;
bought another property;
sold a property mentioned in the will; or
changed the way a property is owned.

Property ownership can affect what passes under your will. For example, an interest held under some forms of joint ownership may pass automatically to the surviving owner rather than under the terms of the will.

A review can help establish whether your will still works alongside your current ownership arrangements.

4. Has the value or make-up of your estate changed?

Retirement may coincide with pension decisions, the sale of a business, an inheritance, investment changes or financial gifts to family members.

Your estate may therefore look very different from when your will was written.

A change in value does not always mean that a new will is required. It may, however, affect whether:

fixed cash gifts remain appropriate;
particular assets are still available;
your intended beneficiaries are treated as you expect; or
wider estate-planning considerations need attention.

Inheritance Tax and estate-planning outcomes depend on individual circumstances. Where tax, trusts, business assets, agricultural property or overseas assets are involved, specialist legal, tax or regulated financial advice may also be appropriate.

5. Have you married, formed a civil partnership or divorced?

Marriage and civil partnership can have a significant effect on an existing will.

In England and Wales, an earlier will will usually become invalid when you marry or form a civil partnership. An exception may apply where the will was prepared in contemplation of that particular marriage or civil partnership and meets the relevant requirements.

Divorce or dissolution does not normally cancel the entire will. However, provisions involving a former spouse or civil partner are generally treated as though that person had died, which can affect other parts of the document.

Separation is not the same as divorce. A will should therefore be reviewed promptly whenever a relationship changes.

6. Do particular gifts still make sense?

A will may leave:

a fixed sum of money;
a particular item;
a specific property; or
a percentage of the remaining estate.

Over time, a gift may become less suitable.

The item may have been sold, the property may no longer belong to you, or a cash amount may no longer reflect what you originally intended.

You should not write on, cross out or add informal amendments to the signed will. GOV.UK confirms that changes must be made formally through a codicil or a new will, with the required signing and witnessing formalities.

7. Does your will fit with your wider later-life planning?

A will only deals with what happens after your death.

It does not give family members authority to manage your money, deal with your property or make health and welfare decisions for you during your lifetime.

That is why a retirement review is also a useful opportunity to consider whether you have appropriate Lasting Powers of Attorney.

An LPA allows you, as the donor, to appoint trusted attorneys to make specified decisions on your behalf. You must have the necessary mental capacity when you make an LPA.

A Property and Financial Affairs LPA and a Health and Welfare LPA perform different roles, so both may need to be considered as part of wider later-life planning.

What happens during a will review?

A review will usually involve several straightforward steps.

Locate the signed original

A copy is useful for an initial discussion, but it is important to know where the signed original is stored.

Check the people named in the will

Review your executors, beneficiaries and any trustees or guardians included in the document.

Check that their names are clear and consider whether the appointments remain appropriate.

Compare the will with your current circumstances

Consider changes involving:

your family;
your home and other property;
savings and investments;
business interests;
liabilities;
particular gifts; and
your current wishes.

Identify anything unclear or out of date

This might include an executor who can no longer act, a beneficiary who has died, an asset you no longer own or wording that no longer reflects what you want.

Decide whether a formal change is required

A limited change can sometimes be made through a codicil.

Where there are several changes, or a significant change in circumstances, a new will will often provide a clearer and more coherent record of your wishes.

Complete and store the document properly

Any new will or codicil must be completed with the necessary signing and witnessing formalities.

You should also ensure that your executors know where the original document is stored, without necessarily giving them access to private details before they are needed.

How often should you review your will after retirement?

There is no single timetable that suits everyone.

A practical approach is to read your will every few years and arrange an earlier review following a major personal, family or financial change.

Useful review triggers include:

marriage or civil partnership;
separation, divorce or dissolution;
a new partner;
the birth of a child or grandchild;
changes involving stepchildren or a blended family;
the death or incapacity of an executor or beneficiary;
buying, selling or changing the ownership of property;
a substantial change in savings or investments;
receiving an inheritance;
making significant lifetime gifts;
acquiring business or overseas interests;
moving abroad; or
changing your mind about who should benefit.

A regular review helps identify issues while you are still able to make informed choices and put any necessary arrangements in place.

When is professional guidance particularly helpful?

Professional guidance can be especially valuable where you have:

a second marriage or blended family;
an unmarried partner;
a vulnerable or disabled beneficiary;
a beneficiary who may need additional support;
business or agricultural interests;
overseas property or assets;
existing trust arrangements;
uncertainty about how your home is owned; or
concerns about whether an older will remains valid.

The appropriate solution depends on your circumstances. A review should look at the whole document rather than changing one clause without considering how it affects the rest.

Reviewing your will in Poole, Bournemouth or Christchurch

Brooks Wills supports individuals and couples across Poole, Bournemouth, Christchurch, wider Dorset and West Hampshire with will reviews, new wills and wider later-life planning.

We explain the relevant points in plain English, take time to understand your family and property arrangements, and make the next step clear.

Brooks Wills is a member of the Institute of Professional Willwriters and the Society of Will Writers.

To review an existing will or discuss making a new one, call, message or book a consultation with Brooks Wills.

Simplifying legacies, securing tomorrow.

This article provides general information for England and Wales. It is not legal, tax or financial advice. The appropriate arrangements depend on your individual circumstances.

If you are still preparing for retirement, read our plain-English guide to wills and LPAs before retirement.

Frequently asked questions

Does retiring make my will invalid?

No. Retirement itself does not normally affect the validity of a will.

It is, however, a sensible time to check whether the document still reflects your family, property, executors and wishes.

How often should I review my will in retirement?

There is no fixed interval that is right for everyone.

Reading your will every few years, and reviewing it promptly following a significant life or financial change, is a practical approach.

Do I need a new will, or can I use a codicil?

A codicil can be used to make a formal amendment to an existing will and must be signed and witnessed correctly.

Where there are major or multiple changes, making a new will will often be clearer. The appropriate approach depends on the existing document and the changes required.

What if one of my executors is now too old or unable to act?

Age alone does not prevent somebody from acting as an executor.

Their health, willingness, location and practical ability are relevant, however. You can review the appointment and consider naming an alternative or replacement executor.

Does marriage or divorce affect my will?

Marriage or civil partnership will usually invalidate an earlier will in England and Wales.

Divorce or dissolution will generally affect provisions involving the former spouse or civil partner rather than cancelling the entire will. The consequences should be considered across the whole document.