Creating a will is one of the foundational documents you could make to ensure your posthumous wishes are respected. It is an essential legal document explaining how your assets and property will be distributed and who will care for any dependents. But it is not a “set it and forget it” piece of paper. As life changes, so should your will. In this article, we guide lawyers on updating a will, helping you navigate the ins and outs of what needs to be done to keep it fresh.
Why Should You Update Your Will?
Some significant life events may warrant updating your will. Events such as this can change what is most important to you or how you wish your assets to be distributed. For example, children must be updated within a will in marriage and divorce. Likewise, you will likely need to update your will to account for these gains if you gain any new property or investments.
So, a lawyer will guide you on updating your will because your will will be carried out according to the law and as you requested, without a hitch. Updating your will after significant life changes can save some big headaches regarding disinheriting someone or uncertainty about your intentions. As such, you should take the time to rewrite your will to reflect them.
Major Life Events That Trigger an Update
Marriage or Divorce
A will should be reviewed whenever you get married or divorced. In this case, in many jurisdictions, a marriage automatically revokes an existing will unless expressed in contemplation of marriage. Deleting your spouse as a beneficiary is essential if you don’t want them to get any part of your estate after a divorce. It ensures your new partner or children are correctly accounted for in your will.
The Birth of Children or Grandchildren
If you become a parent, your will should be updated accordingly to name guardians for your kids in the unfortunate event that you die young. If you have a will, you may need to edit it to ensure any new children or grandchildren are accounted for in your estate planning. A lawyer’s guide to updating your will can provide helpful insights into equitably distributing your assets among your children, mainly if they are of various ages or phases of life.
Acquiring New Assets
If your will helps pay for a new home, business, or expensive personal property, such as art or antiques, you should reflect these new assets and distribute them according to your wishes. This is also true for the sale of significant assets—if you sold your property or other business, your will must be changed, and the assets must be removed.
Health Changes
Due to age-related health problems, we may want to reevaluate our estate planning decisions. If you are facing a terminal illness or if you are no longer capable of managing your affairs, your will should be updated so that you have plans in place for how you want your health care to be handled and how your estate should be distributed to suit your new circumstances.
Changes in Relationships or Family Dynamics
Family dynamics can change through conflict, estrangement, reconciliation, etc. You may have had a falling out with a family member or have since developed new relationships, and these changes can affect how you want your estate to be divided. In those instances, a lawyer’s guide to updating your will can help you navigate delicate matters and express your wishes clearly.
Legal Considerations When Updating Your Will
Updating your will carries legal procedures, so here are a few things to remember. Crossing out a name or changing the beneficiary on the reverse side of the will is a relatively simple change and may not be upheld in court. To do so, you will generally need to formally amend your will (codicil) or, in some instances, write an entirely new will.
Witnesses
Generally, in most parts of the world, your will must be witnessed in the form of people who see you sign it. If you update, you will be sure to follow the same steps and have the proper witnesses sign simultaneously. You want to avoid any potential conflict of interest by not having beneficiaries to the will as witnesses.
Revoking Old Versions
You must revoke any will that you are updating so nobody gets confused. To avoid conflicts between your new and previous documents, you can cancel all prior wills in the body of your new will or codicil.
Reviewing Beneficiaries
A critical aspect of updating your will is reviewing the beneficiaries. It’s essential to ensure that the people you want to inherit your estate are still named. If a beneficiary has passed away, you should specify alternate beneficiaries. Additionally, updating beneficiaries for specific assets, such as life insurance or retirement accounts, should also be considered, as these may not automatically be included in your will.
Professional Guidance and Estate Planning
Updating a will is best done with the help of a legal professional so that the changes can reflect your desires while respecting the laws that govern such documents. When complex family dynamics or large estates come into play, estate planning lawyers may specialise in working with individuals to keep their wills current. A lawyer will have a guide to updating your will, and that guide will tell you how to deal with the more complex issues, like business succession or a trust, to ensure your estate is handled correctly when you die.
Moreover, if your estate consists of taxable properties or assets that may face a lawsuit sometime in the future, seeking a lawyer is necessary to reduce those risks and help lessen the burden on your loved ones. The benefits of engaging an attorney include making your last will compliant with the law while also depending on your wishes and your family circumstances.
Conclusion
Regularly updating your will is an essential component of sound estate planning. One has to update one’s will because either they are going through drastic life changes, buying new things, or want to make sure that the people they love are cared for in the future. Getting the help of an attorney makes sure your updates are valid, that your assets are passed on how you wanted, and that challenges are minimised (or at least minimised for denial). After all, your will tells your life story—so make sure it matches your life.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
