When Should You Update Your Will?
Creating a will is a crucial step in ensuring your estate is managed according to your wishes after you pass away. However, drafting a will isn’t a one-time task—it’s an ongoing process. Life changes, legal updates, and evolving personal circumstances can all require revisions. Knowing when and how often to update your will is key to keeping it relevant and effective.
Key Life Events That Warrant a Will Update
While there’s no strict rule, a good practice is to review your will every five years or when any of the following life events occur:
- Marriage: Have you gotten married since you last updated your will? If so, it’s vital to revise your will. Marriage automatically invalidates your previous will unless it includes a specific clause addressing the marriage. Without an update, you may be considered to have died intestate (without a will), and the Administration Act would determine how your estate is distributed.
- Separation: Have you separated (but not divorced) since your last will? If so, and you haven’t updated your will, your ex-partner could still inherit according to the terms of your existing will.
- Divorce: If you’ve divorced since your last will, any references to your ex-spouse are considered removed. However, if your will doesn’t specify who will inherit that portion of your estate, it will fall into the residue of the estate. To avoid unintended outcomes, you should update your will to reflect these changes.
- Birth or Adoption of a Child or Grandchild: If you’ve had a child or grandchild who isn’t named in your will, they might not inherit anything. You should also consider appointing a testamentary guardian for any minor children to ensure their care is as you wish.
- Death of Beneficiaries or Executors: If a named executor or beneficiary has passed away since your last will, you may need to re-evaluate the distribution of your assets. If this change affects your original intentions, updating your will is necessary to reflect your current wishes.
- Significant Financial Changes: It’s essential that your will accurately reflects your current assets and liabilities. If you’ve left a specific gift to someone that you no longer own, that gift will simply fail, and the intended beneficiary won’t receive a substitute. Similarly, if you’ve acquired a new asset that you want to leave to a specific person, this needs to be included in your will.
Conclusion
Updating your will is an important part of ensuring your estate is managed according to your wishes. By regularly reviewing your will and making updates in response to life changes, you maintain control over how your assets are distributed and provide peace of mind for yourself and your loved ones. If you need to update your will or have any questions, please contact our team—we’re here to help.