How often should my Will be revised or updated?
Your Will expresses your wishes at a particular point in time. It is advisable to regularly review your Will as your circumstances change so that it accurately reflects your current wishes.
Situations where you may want to update your Will include:
- Separation or divorce
- Your children having remarried or divorced and have extended families
- The executor named in the Will having become ill, is unable to handle the responsibility or has died
- A beneficiary named in the Will having died: when writing your Will, it is wise to name substitute beneficiaries
- Death of spouse
- The value of legacies diminishing over time: while you may have left a sum of money that seemed significant when you last made your Will, what is it worth in ‘today’s’ dollars?
- Retirement often results in people restructuring their affairs. This is an ideal time to be proactive in your estate planning and possibly look at setting up tax effective arrangements through your Will
- When you buy or sell assets: there are many examples of people bequeathing assets which they sold before they died. This resulted in some beneficiaries receiving nothing, while others received significantly more than was intended in the original Will