When you first created your will, the thought of needing to update it probably didn’t cross your mind.
We have put together some scenarios to help you know when you need to update your will.
Make sure to reach out to your lawyer to help with making any revisions.
Marriage or Divorce:
You will want to update your will to include your spouse after marriage and revise your will to remove your ex-spouse in the case of divorce.
New Additions to the Family:
Upon the birth of your child or grandchild, you’ll likely want to include them in your will, specifying how assets should be distributed.
Family Losses:
Revising your will ensures that the distribution of assets aligns with your current circumstances and wishes.
Acquiring New Assets:
As you accumulate new assets, such as properties, investments, or business ventures, it’s essential to update your will. This ensures that all your assets are accounted for and distributed according to your intentions.
Change in Residence:
Relocating to a different state or country can lead to changes in the laws governing wills and estates. To ensure your will complies with the local regulations of your new residence, it’s wise to review and update it.
Change in relationships:
Relationships can change over time. This may lead to updates in your will, whether it involves adding new beneficiaries or removing those who are no longer relevant.
Executor and Guardian Changes:
Individuals you’ve chosen as executors or guardians in your will may no longer be suitable or available. Regularly reviewing and updating these selections is essential to ensure the responsible and trusted management of your estate and care of your dependents.
If you would like to discuss when to update your will or need assistance, the team at Kin Lawyers can help you. Our legal professionals specialise in estate planning and providing tailored advice to your circumstances.
Book a 15-minute consultation.
