Once written, a Will last forever…. right?
It can be incredibly easy, even satisfying, to get your Will and estate plan done. You congratulate yourself on sorting it out and securing your legacy for your loved ones. Then you file it away and forget all about it.
But that’s the problem.
If your Will was written years ago it will still be valid (if executed properly), but it may no longer work the way you intended.
A Will is probably the most important legal document you will ever sign. The sad reality is that an out-of-date Will can cause just as much heartache and confusion for your loved ones, at a time they are grieving, as having no Will at all.
So, when should you update your Will?
The following situations highlight good reasons for you to update your will:
- Someone named in your Will has died. They might be a beneficiary, guardian, executor or even a pet.
- You get a divorce. Your Will is automatically revoked in the event of a divorce.
- You separate but don’t divorce. Until you divorce, your spouse may have a claim on your estate.
- You have a child, children or stepchildren and want to include them in your Will.
- You want to make a specific gift or donation to a person or charity etc.
- You want to change who gets the proceeds from your estate – adding or deleting people.
- You may need to update personal information (addresses, contact details), or even include instructions about your digital assets and social media accounts.
- A child (named dependent) turns 18.
- You have fallen out with a beneficiary, and you no longer wish to include them in your Will.
- You have lost touch with the executor of your Will – this can include where your executor is a solicitor if the firm has closed down.
Disputes can occur when a Will is so old that you can no longer recall exactly what it contains. With old Wills, you can inadvertently tell your loved ones things that might not be accurate. If people expect to inherit something and then they don’t, then this can lead to a contested Will and a lengthy, messy court battle. Not ideal for anyone.
It’s also fairly common for those who do not keep their Will up to date to forget where it is kept. If your Will cannot be found after your death then the court can presume that you destroyed it, or it never existed, and your estate will be divided up according to a very strict set of legal rules the Court will apply. This may not reflect your wishes. So, keep your will safe in a place where it will be found and tell a trusted family member or friend where it is.
It is a good idea to review your Will at least every three years. This will give you the peace of mind and surety you need to ensure your loved ones are always taken care of.
At Our Wills Your Way our automated Wills platform, with documents written by lawyers and instantly downloadable from $99 will give you that peace of mind that you need.
