A will should reflect your preferences at different stages of life. Life is dynamic, and various attributes of your life change unpredictably. Luckily, lawyers adjust wills using codicils. You may also require a new will in case the changes are substantial. This piece discusses circumstances when you should change your will.
Change in assets
Over the years, your estate might increase or decrease in value. For example, you might purchase a new house, vehicle or items of sentimental value. These changes might affect the proportion of your estate assigned to each beneficiary. In addition, some assets may not be in the will, and they may confuse the executor/beneficiaries. Properly updating your will helps you prevent such issues.
A significant change in the value of assets may also prompt you to make donations to a charity of your choice. You may also include new beneficiaries who are not in the original will.
Change in the law
The law might change and directly conflict with the intentions of your will. Your attorney can help you adjust your will to accommodate these new changes so that it will remain compliant with the law.
You might also adjust your will if you relocate. For example, your will might not be valid in your new location if it conflicts with the jurisdiction's inheritance laws. Your attorney can adjust different aspects of the will to ensure it remains valid. You may also enquire about handling probate cases in your new location.
Change in relationship status
Your will should always reflect your current relationship status. For example, update your will once you get married. Your spouse becomes a beneficiary and receives a section of your estate in case of death. You can also adjust the will to ensure the spouse has specific responsibilities, such as guardianship of your children and the power to make decisions on your behalf.
One's relationship status might change through a divorce or the loss of a beneficiary. You can review the will and appoint a new heir to prevent confusion. In addition, one of the beneficiaries might reach the legal age, and you can change the will to assign them the executor role. Your attorney can help make these adjustments as soon as your relationship status changes.
You may adjust your will when your assets, the law or relationship status change. Contact a lawyer in your area for more information about updating a will.
Share28 December 2022
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