Your will is perhaps one of the most important documents you will ever create. It lets people know what your preferences are once you’re gone, who will inherit your assets and who will care for your children. So it might surprise you to know that most people make it, file it, and then never look at it again.? True, you don’t have to check it every week. But it’s worth reviewing and updating your will. After all a lot can change in life, so you need to make sure your will is always up to date with your current wishes.
How Often Should You Update Your Will?
There’s no definitive timeline for how often you should update your will. Instead, you should update it every time there’s a change in your circumstances that might affect it. For example, things like:
- Marriage
- Divorce
- Having children
- Death
- Estrangement
Some people find they need to update their will multiple times in a short period and others might go years without needing to change anything.
Why Should You Update Your Will?
It’s all too easy to assume that you don’t need to do anything else once you’ve made your will – you’re sure of your wishes, so why would you?
But there are plenty of life events that can change how you feel about things, or how suitable someone is for your situation. For example, your power of attorney might not be in a position to act in your interests anymore. You may be going through a divorce and no longer want your ex-spouse to inherit, or one of your beneficiaries may have passed away. Or you may have lost or gained a significant amount of money, and want your will to reflect that. On top of that, there are some life events that will make your previous will invalid – like a new marriage – so you will need to update your will at that point.
Finally, you might also decide to update your will if your financial situation or desires change – which can happen over time! Reviewing and updating your will every few years is always a good idea.
What Should Be Included In Your Will?
If you’ve not checked your will in a while, you may have forgotten some of the things you need to include. Overall, you need to make sure that your wishes are known for your assets and any other elements of your estate. For example, you will need to consider:
- Any gifts you want to leave to specific people.
- Who will take guardianship of any children under 18, or pets.
- Who you will name as the executor of your will, to carry out your wishes.
- Any funeral arrangements you have planned or preferences you have.
- How you will distribute your assets among your beneficiaries.
Depending on your circumstances there may be other things to consider, but your will writer or solicitor will be able to help. There’s no perfect time to create a will, and no perfect time to update it either. But if there has been a big change in your life or circumstances, then it is always worth reviewing your will and making sure it’s still accurate and aligns with your wishes. If you’re not sure what might need changing, then it’s always worth talking to a professional.
At GP Norgate Estate Planning, we specialise in helping people understand and plan for the end of their life. We can help you review your will and support you in making any changes you would like, so that you can be confident that your wishes are recorded clearly. If you would like some advice, or to just talk through your options, we would be more than happy to help. Just get in touch with one of the team today to book your free consultation.