Updating your will means that it is current and provides for your loved ones in accordance of your current wishes. There are, of course, obvious circumstances that call for immediate attention to updating your will. At the same time, there are reasons that may prompt an update or change to your will but are not always obvious. Some law changes can affect the value of your estate or the way it is managed. It is therefore strongly recommended that periodically you review your will and seek legal advice as to its validity and ability to cater for your current circumstances.
There are common reasons for reviewing your will and making changes or updates to its content. You can update, change, or rewrite your will as often as you wish. If you write a new will, it will automatically cancel your old one. Some of the reasons for reviewing and updating your will include:
You can review or update your will as often as you wish, however, a change may not always be required. A periodic review of your will means ensuring your will is up to date and that it sets out your wishes with regards to your current assets and the parties, and manner in which you would like them distributed after you pass away.
While there may not be any changes to your personal or financial circumstances, we, on reviewing your will, can advise you if your will can function more efficiently in light of current laws. Therefore we suggest you review your will on a yearly basis.
There are two ways to changing a will, codicil and revoking the will.
We can advise you on the best approach to updating your will and help you make the required changes effectively. Ask us today to arrange for a consultation on updating your will.