When to Update Your Will

If you have a will, you likely understand how important it is to plan for the future and be prepared for the unexpected. Should an unforeseen event occur, it is crucial that your will is up to date and accurately reflects your current wishes. As situations, wealth, and relationships can change over time, it is important to understand how these changes can affect your will. As experts in wills, estates, and trust law, the team at Linley Welwood knows that an outdated will can cause several problems after your passing. That is why we have compiled some information to help you know when to update your will and reduce the chance of wills variation claims.

Learn how to choose an executor for your will.

5 Reasons to Update Your Will

The following situations and changes are good reasons to update your will:

1. The Birth of Children or Grandchildren

Becoming a parent is often the primary reason that an individual creates a will. This ensures that your children have a guardian in place and that they are financially provided for if something happens to you. If your family grows to include additional children or grandchildren, it is a good idea to update your will to ensure that everyone is provided for in the manner that you wish.

2. Marriage or Divorce

If you have a will and were recently married, your will was revoked under current legislation. After marriage, a new will should be created to ensure that your estate and wishes are accurately represented. It is also important to consider the role that your spouse will play regarding your estate plan and distribution. Divorce, on the other hand, will not automatically revoke your will. Upon separating from your spouse, ensure that your will is updated in the manner that reflects your current relationship.

3. A Death in the Family

The death of your spouse, child, grandchild, or any named beneficiary will require changes to your will. This is especially true if the deceased was your primary executor as you will need to name a new executor in their place.

4. Changing Relationships and Wishes

Relationships often change over time, becoming better or worse based on various factors. A regular review of your will can ensure that you are distributing your wealth in a manner that reflects your current relationships and wishes. If your relationship with your executor has changed or they have moved far away, you will need to ensure that this role is updated as well.

5. Changes in Legislation

Laws frequently change over time. A regular review of your will with an expert can ensure that your will complies with current legislation.

To learn more about our services for wills, estates, and trusts, or to discuss the details of your will, get in touch with the team at Linley Welwood. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services.