Writing and documenting your wishes in a Will is a major life event. But just like other important milestones, your opinions and wishes often change with time and personal growth. A Will is a legal document that outlines how your assets will be distributed upon your passing, so it’s an important tool for making sure that your loved ones are taken care of and that your wishes are carried out. However, as life changes, it is important to review and update your Will to establish that it still reflects your current circumstances and intentions.
Life is unpredictable and constantly changing, and it is essential to keep your Will up to date to reflect these changes. In this blog, we will explore the key times when you should consider updating your Will.
Some of the key times when you should consider updating your Will include:
Change in relationship
While it is a common assumption that when you get married your assets will automatically be inherited by your partner, that isn’t necessarily the case. It is important to update your Will when you get married or divorced because your marital status affects how your assets will be distributed upon your passing. When you get married, the Will you wrote before marriage is no longer valid which means if you were to pass away in that time you are considered to have died intestate (without a Will) unless there is a clause in your Will that contemplates your marriage. In contrast, when you get divorced, your Will remains valid. However, your former spouse is simply written out of it, therefore it could pay to review who your backup beneficiaries are in your Will.
Expanding your family
If you expand your family, it is important to update your Will to include provisions for the care and support of your child in the event of your and/or your partner's passing. You can appoint a guardian for your child, specify how your assets will be used to support your child, and make sure that your child is provided for financially and emotionally.
Buying a first home
It is always recommended to update your Will when you buy a home for the first time. How you own your property can impact your estate and be a strong determining factor of who gets what after you are gone, so it’s definitely a good idea to consider how your property ownership needs to relate to your financial wishes in your Will.
If you’re not entirely sure what's on the title of your property, we recommend you get a title search done. This way your Will can work alongside your property the way you’d like it to.
Changes in your personal circumstances
As life goes on, unexpected changes to your personal circumstances such as a change in your health or financial situation may arise. It is essential to regularly update your Will to ensure that it reflects these changes in your life and that your assets will be distributed in accordance with your wishes and intentions.
