Already have a Will in place? That's great!
Did you know that there are many life changes that can occur which will result in the need to update your Will?
Planning to get married? Just got married?
One very important life milestone is marriage. If you have decided to get married since doing your Will it is important to note that marriage will in fact revoke your Will. This will mean that you will need to put a new Will in place.
Separation or Divorce?
On the other hand, if you and your partner go through a divorce or separation, it does not mean your Will is automatically revoked. You will need to update your Will to show your new wishes and your new relationship status.
Change to Financial Situation
A change in your financial circumstances could also mean a change to your Will is needed. Changes to your financial circumstances include the following:
- Notable increase or decrease in your wealth.
- No longer own assets specifically gifted under your Will.
- Wish to gift a specific asset in your Will.
Change to Family Circumstances
Changes in your family circumstances can also require you to update your Will. Since putting your last Will in place, have any of the following occurred? If so, it may be time to update your Will:
- Have you had any children or grandchildren?
- Has anyone named in the Will passed away?
- Do you have new obligations, such as looking after an elderly parent?
- Have the family needs changed, e.g. disability or bankruptcy?
Exclude beneficiaries, and other changes
Other reasons you may want to update your Will include your wish to exclude someone from the Will due to family conflict and/or a family falling out. Alternatively, the person appointed to be your Executor may no longer be suitable and you may wish to appoint someone else. Maybe you would like to appoint someone else as the Guardian of your children while they are minors.