Life moves fast and is undoubtedly full of surprises. If you have a will in place, do you know how often it should be updated? There is no one right answer to this; it is more about when it needs to be changed. This blog looks at how and when you should change your will.
Will Revision
Generally, it is advisable to review your will every five years to ensure that your wishes have not changed, unless there have been significant life events. A review every few years ensures that your will reflects your current preferences for your estate, whether you want to make minor changes or simply remind yourself of what you have decided.
Significant Life Changes
Marriage – You might want to involve your new partner in your estate planning if you recently got married.
Divorce – Likewise, it might be time to remove your ex-spouse from your will if you recently got divorced.
Spouse death – Your will should be updated if your spouse dies before you and was entitled to any part of your inheritance upon your passing.
Heir’s death – If one of your heirs passes away, your will should specify the new heir or heirs who will take their place.
Death of a dependent – Likewise, your will needs to be updated to reflect your new desires if a dependent, like a child, passes away first.
Financial changes – if you buy or sell a property or business, or come into money or lose money in any way, this should be reflected in the will.
Updating or Changing Your Will
It is possible to modify your will in two different ways. You can replace your previous will with a new one. If you are making major adjustments, this choice is best suited for you. Include a clause in your new will stating that all prior wills and codicils are revoked and no longer applicable if you choose this course of action. Additionally, you should destroy the previous will by tearing up a paper copy or, if you have an electronic copy, by deleting it.
A codicil can also be prepared. By attaching it as a distinct document to your current will, you can change certain aspects of it without having to draft a new one. To minimise the possibility of any difficulties or mistakes that could prevent your wishes from being fulfilled, it is best to have a professional handle the matter.
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