Over a period of time, changes in situations or circumstances may require you to review your Will. You must ensure that it is up to date and it should accurately reflect your testamentary wishes. Whenever a major event occurs in your family or to your assets, you should discuss and consult with a lawyer on how to proceed with the changes you want to make in your Will.
Circumstances when you should update your will:
You can change or update your Will whenever you wish to but some circumstances like the following need immediate attention.
- When you go through separation, divorce or remarry
- If a child or grandchild is born
- When you wish to remove or add a beneficiary from your Will
- If your beneficiary passes away.
- In case you change your name or anybody named in the Will changes theirs
- In case an executor dies or becomes unable to act as the executor
- There are changes in the financial situation or your asset structures
- When you buy or sell a property
- If you dispose of specific gifts left to someone in your Will such as real estate or personal items
How to make changes:
If you want to make changes to a Will, you can either:
- Add a Codicil to your current Will:
Codicil is an amendment added to a Will on a separate document. It should be made in writing, signed, and witnessed by two people. Do note that a codicil is only used to make minor changes. It shouldn’t contradict the Will or cause confusion. In case there arises any contradiction then the codicil becomes invalid, so the best option to make changes is to create a completely new Will.
- Revoke the current Will and make a new one:
You can revoke a Will by making a new valid Will. It’s advised to mention that you revoke all the previous Wills made by you.
You should consult with your lawyer when making changes to your will and ensure the legality of the changes are correct and stand valid.
Seek Legal Advice:
It’s best to discuss with a legal practitioner to change or revoke your Will, as even the simplest changes must be done with due diligence or they may lead to unintended results.
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