When should I update my will?
People’s lives never remain static. Things change over time. Relationships end, new ones form; family can come and, sadly, leave us over a lifetime. Even the tangible things such as property and wealth can wax and wane.
You may have made a will many years ago and think that that’s the end of it, “All my wishes are set out in my will”. But as you journey through life you are likely to see many changes. Your will should keep pace with those changes. You may not have given it any thought, but your will should most closely reflect your current circumstances and current relationships.
Even if you think nothing has changed, it is a good idea to look at your will every three years or so and see if it still expresses clearly what you want to happen after you pass away.
And then there are circumstances where you really need to update your will, or even make an entirely new one, as the situation demands.
New Will
You can make a new will at any time that automatically revokes your former will, but the two most important times when you need to make a new will are:
marrying or entering into a registered relationship after signing your will, or
divorcing a spouse that you were married to at the time of signing your will.
Updating your Will
You should most definitely update your will if any of the following have occurred:
You have changed your name, or anyone in the will has changed theirs.
An executor has died or has become unable to act due to age, ill-health, etc.
One of your beneficiaries has died.
Your family situation has changed. For example, due to family problems, or if there are additional children, or even grandchildren.
You have specifically left any property which you have subsequently sold or given away, or which has changed in nature.
Your financial circumstances change. For example, if you buy or inherit significant assets.
If you wish at any time to revoke your will by making a new one or you wish to alter your existing will by making minor changes, you should consult a lawyer so that the legal formalities can be observed - otherwise, you run the danger of your wishes not taking the effect you wanted.
We are happy to advise and assist you in updating your will. CONTACT US today. If you would like to make a new will, you can use our SIMPLE ONLINE FORM or CONTACT US today for an appointment in your own home.
Disclaimer: The contents of this article do not constitute legal advice and should not be used as such. Formal legal advice should always be sought in these matters. If you would like to discuss this or any other matter please CONTACT US for an appointment.