When should you update your Will? – Life Events
Reviewing your Will regularly is ideal. Your life changes’ and in certain circumstances because of these changes in your life can prompt a review. Some of these include:
- you start a new business
- you separate or divorce
- you form a new relationship
- you enter or dispose of a trust
- changes in holding or disposing of a major asset
- changes in the lives of your beneficiaries or executor
How to update your Will – Don’t do it yourself
Making changes to your existing Will without legal advice can be fraught with danger. Some changes can potentially invalidate your Will and your wishes may not be carried out.
One of the main reasons why a Will should not be simply amended, such as by hand, is because of the potential for fraud. A tampered Will can open an opportunity for the Will to be contested should the modification result in someone either receiving less or missing out entirely. These changes can be seen sceptically as a result of either undue influence or perceived to be made without the Will maker’s knowledge. When a Will is contested the legal costs will eat into the estate funds resulting in an overall reduced amount for the beneficiaries.
In most instances we may recommend a new Will is prepared. This will demonstrate the Will has been prepared without undue influence and without fraud. In addition to the preparation of your new Will we will also document why a change was made. This can assist after the Will maker has passed away to assist demonstrating their reasoning.
Estate Planning & Wills
Estate Planning | Making Your Will | Updating Your Will | Will Trusts | Power of Attorney | Guardianship