New Wills or Codicils to existing ones?

PompeyPete

When I separated from my wife in July 2019 our savings were split 50% each.  From part of those savings myself and my new partner bought a new caravan, which we more or less live in permanently, are are joint owners.

My new partner and I both have existing Wills, both are more or less the same, ie. in the event of our death our estate is left to our married spouse if he or she is still alive, or respective children if the spouse has already died.  Neither of us, at this stage, want to change anything in our respective Wills.

However, my new partner and I are both concerned that if either of us die, that the surviving partner will be forced to sell the caravan as 50% of it will become part of the deceased partners estate.

What we want to do is ring-fence and remove the caravan and any liabilities to it from our Wills, so that the surviving partner becomes sole owner, and be fully liable and accountable for the caravan.

Basically should we do this as codicils to our existing Wills ie. 'gifting', or should we make out new Wills?  It's something that needs sorting out fairly soon.

Keep_pedalling

You both need new wills, once you are divorced then anything you have left to your wife will fail.

If the caravan if a joint asset then for inheritance purposes it will not for part of your estate and will pass to the survivor.

TBagpuss

Yes, if you are divorced, then any gifts to your former spouse will fail. If you are separated but not divorced then it is sensible to think about what needs to change .
The caravan if in joint names would (like joint accounts ) normally pass to the other owner outright.

These days, it's generally sensible to make an updated will rather than adding a codicil - it made sense to add codicils when everything had to be written by hand - it's also sensible to review generally - for instance, you may still want your former / estranged spouse to inherit, but would you still want them acting as executor and perhaps having to deal with your current partner?  Does your current will give them all your personal chattels and if so, is that really what you still want?