When should I update my will? – Don’t just make it and then put it in a drawer for 20 years
Updating your will is important and should be reviewed every 5 years or whenever there are significant changes in your life.
Here are some key events that typically trigger a need to revise or remake your will and/or any documents attached to your will:
1. Marriage or divorce;
2. The birth, or adoption of children;
3. Significant changes in your financial circumstances;
4. Relocation to a different State;
5. Death of a beneficiary or executor;
6. Changes in personal circumstances;
7. Changes in relationships;
8. If you have provided for gifts you no longer own in your current Will;
9. Changes in laws;
10. Where children have reached 18 years of age;
11. You now have grandchildren; and
12. Changes to your beneficiaries or executor’s relationships with each other.
General Rule of Thumb:
It is recommended for you to review your will every 5 years, or after any significant life changes, to ensure that it continues to reflect your wishes and circumstances.
Always make the updates in writing, and be sure to follow any legal requirements for making changes, such as signing and witnessing the new version.
Updating your will when necessary helps ensure that your estate is distributed according to your current wishes and that your loved ones are properly cared for.