When should I update my will?

Posted on Aug 15, 2018 by Christine Knoll   |   Categories: Wills & Estates

You should revisit your Will regularly to make sure that it gives effect to your wishes which is vital to ensure your estate is distributed in the way you want it to be.

Circumstances which may lead you to change your Will include:

• Your financial circumstances change;

• If you marry, start a new relationship, divorce, separate or have children or grandchildren;

• A change in personal relationship between yourself and a family member or beneficiary that leads you to removing their provision from the Will;

• Your Executor becoming unable to perform their duties;

• A beneficiary named in your will, such as children, extended family or friends, passing away;

• Your spouse passing away;

• You sell or give away assets that are specifically mentioned in your Will;

• An Executor or Trustee appointed under your current Will dies or becomes unsuitable to act due to age or ill health;

• When you buy or sell assets;

• You buy or inherit significant assets;

• The entities or structures you hold change.

 

The only situation which will automatically change the express wishes in your Will is in the case of marriage or divorce. It is important that all of the necessary legal requirements to give effect to any changes or updates to your Will are completed correctly, otherwise your wishes may not be carried out.

In some circumstances and if done incorrectly, small changes made to a Will can revoke or invalidate the entire document. Therefore, it is important that you seek appropriate advice rather than try to amend or alter your estate planning documents yourself.