Having a Will is essential for ensuring your wishes are followed through after you pass away. It allows you to designate who inherits your assets and minimises confusion for your loved ones during a difficult time. But just like life itself, your Will needs to adapt to changes in your circumstances.
A good rule of thumb is to review your Will every 3-5 years. This regular check-in ensures it reflects your current wishes and avoids any unintended consequences. However, there are certain personal circumstances that trigger the need for an immediate update.
Why Do I Need a Will?
Before diving into the Will update frequency, let’s briefly touch on why having a Will matters:
- Asset Distribution:
A Will outlines how your assets (property, savings, investments) should be distributed among your beneficiaries. - Guardianship:
If you have minor children, a Will allows you to appoint guardians to care for them. - Executor Appointment:
You can designate an Executor to handle your estate affairs. - Peace of Mind:
Having a Will provides peace of mind, knowing that your wishes are documented.
Life Events Triggering a Will Update:
- Changes in Marital Status:
Wills are automatically revoked upon marriage. So, whether you’re getting married or divorced, your Will needs to reflect your new marital status and beneficiaries. - Birth of a Child:
Children are natural beneficiaries, but if you haven’t included them in your will, an update is crucial. You can also use this opportunity to establish guardianship if needed. - When a Child Turns 21:
As your child becomes an adult, consider their financial independence and any adjustments needed. - Acquiring or Losing Assets:
Significant changes in your assets, like buying a house or receiving a large inheritance, warrant a Will update. It helps ensure all your assets are distributed as intended. - Changes to Beneficiaries:
Life is unpredictable. If a beneficiary predeceases you, or you have a falling out with someone you previously named, updating your Will ensures your assets go to the right people. - When You Retire:
Retirement can significantly impact your assets and income. Review your Will to ensure it aligns with your post-retirement financial situation. - When Your Executors and Administrators Are No Longer Fit:
The people you designate to manage your estate (Executor and Administrator) should be reliable and capable. Update your will if they are no longer able to fulfill these roles. - Whenever Laws Change:
Estate laws can evolve over time. While it may not happen frequently, it is advisable to consult a professional to stay informed and make any necessary adjustments to your Will.
Consequences of Not Updating A Will
Failing to update your will can lead to unintended consequences:
- Outdated Provisions:
Your Will may not reflect your current wishes. - Legal Challenges:
Outdated Wills can result in disputes among beneficiaries. - Inefficient Asset Distribution:
Assets may not be distributed as you intended.
How Do You Change Your Will?
Updating your will is a straightforward process:
- Review Your Existing Will:
Reread your Will to understand its current provisions. - Prepare A New Will or Codicil:
Depending on the changes needed, you might need a completely new Will or a codicil (an amendment to your existing will). - Sign The New Will or Codicil:
This legal document requires proper witnessing and signing to be legally valid. - Hold On To The Original Document:
Keep the original Will (or codicil) in a safe place and inform your Executor of its location. - Inform All Relevant Parties:
Let beneficiaries and your Executor know about the updated Will.
Does A New Will Override an Old Will?
Yes, a new Will supersedes any previous versions. Ensure that your most recent Will accurately reflects your wishes.
What Does it Cost to Update My Will?
Costs can vary depending on the complexity of changes. However, the peace of mind and clarity an updated Will provides is invaluable. Consult a skilled Will and estate planning practitioner to assess your needs.
Conclusion
Keeping your Will current is an act of love and responsibility towards your loved ones. Don’t wait for a major life event to take action. Regularly reviewing and updating your Will and estate planning documents ensures that it remains relevant and effective. Seek professional guidance to navigate the process smoothly.
Work with a Skilled Will and Estate Planning Practitioner at PreceptsGroup
PreceptsGroup is committed to helping you create a comprehensive estate plan that reflects your current wishes and protects your loved ones. Contact us today for a consultation.
