When should I update my old Will?

We all know there are no guarantees in life, and failing to plan for one's own death won't prevent it from happening. In which case, it is important to write a Last Will and Testament to be prepared for anything that comes your way.

Once you’ve drafted your will, it’s important to keep it up-to-date. It's a good idea to set a reminder in your calendar to review the contents of your will every year or two, because, as we all know, your financial situation and relationships are subject to change.

In order to make sure that your will is up-to-date, you should also review it after any of the following events:

  • You get married or divorced (a change in marital status may void your will)
  • You are not married, but have a new partner
  • The amount of money and/or property you own changes significantly
  • Your executor or guardian is no longer willing or able to perform their obligations
  • A significant beneficiary in your will dies
  • There is a birth or adoption of a child in your family
  • You change your mind about the provisions in your will

Writing a Codicil

A Codicil is a document that modifies deletes or adds to the content of an existing will. A codicil allows for changes to an existing will without the necessity of rewriting the entire will.

Use a Codicil in these situations:

  • If you need to make a simple change to your Last Will
  • If you want to change your executor
  • If you want to change your guardian

Writing a new Will

When updating your will some situations require you to write a new Last Will and Testament.

Create a new will in these situations:

  • If you need to make complex changes to your Last Will
  • If you want to add or remove a beneficiary
  • If your Last Will already has one or more codicils attached
  • If you married or got a divorce since you wrote your Last Will

 

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