When should I review my Will?
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The Importance of Regular Will Reviews
Regularly reviewing and updating your will ensures that it accurately reflects your current wishes and circumstances. It's advisable to revisit your legal documents at least every two years or after any significant life event. This proactive approach guarantees that your decisions regarding financial and personal care are effectively managed and executed.
Updating Your Will: New Will or Codicil?
Your Last Will and Testament can be updated in two primary ways:
- Creating a New Will: This is often necessary for major changes and completely replaces the old Will.
- Adding a Codicil: For minor adjustments or additions, a codicil, a legally binding document, can modify your existing Will without needing a complete rewrite.
Knowing When to Review Your Will
Consider reviewing and updating your Will if you answer “yes” to any of the following questions:
- Marital Status Changes: Have you experienced changes such as marriage, remarriage, divorce, or widowhood?
- Common-Law Relationship Adjustments: Have you entered or exited a common-law partnership?
- Health Concerns: Have you been diagnosed with a chronic or terminal illness?
- Entrepreneurial Ventures: Have you started a new business venture?
- Financial Shifts: Have you filed for bankruptcy or received a substantial inheritance?
- Estate Value Fluctuations: Has there been a significant increase or decrease in your estate's value?
- Tax Law Updates: Are there new tax laws affecting you or your estate?
- Family Dynamics: Have there been additions to your family, like birth, adoption, or dependents reaching adulthood?
- Beneficiary Changes: Have circumstances changed for those named in your Will (e.g., marriage, divorce, partnership)?
- Executor Availability: Is the designated executor of your Will unable to fulfill their role?
Maintaining a Current and Effective Will
It's essential to ensure that your Will remains a true representation of your intentions. Regular reviews and updates are critical, especially when your life circumstances evolve.
Our team at Khan Law is here to provide expert guidance and support in reviewing and updating your Will, ensuring your legacy is preserved exactly as you envision.
NEED HELP UPDATING YOUR WILL?
While there are several reasons to update your estate plan, you should always know and understand the related laws before changing your wishes. Our experienced estate planning attorneys can help you discuss your recent life changes or other events that may trigger a review and update of your Will.
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