When should you consider updating your will?

The decision to create a will is one that you should never take lightly. Done right, a will can clear any doubts regarding your wishes and ensure that your legacy and loved ones’ future are safeguarded.

For your will to effectively reflect your wishes, however, it needs to be up to date. So, when exactly should you update your will?

Here are three instances when you should consider updating your will.

1. When your executor is no longer able to perform their duty

When you create a will, you must designate someone to execute it. This is the person you nominate to carry out your wishes (gather your assets, pay your debts if any, identify your beneficiaries and distribute your assets). If the executor is no longer able to perform this role for whatever reason, it makes sense that you replace them.

Likewise, if you named a guardian for your minor children and circumstances have since changed, you may need to update your will by designating a new guardian.

2. When there are changes to your assets

Assets come and go. If your assets have changed since you last created or updated you will, then you need to give the document another look. Remember, you cannot bequeath what you no longer own. For instance, if you have since transferred some assets to a trust or given them away as gifts, then you need to update your will to exclude these assets.

3. When there are changes in your beneficiaries

Just like assets, your beneficiaries can change over time. For instance, if new additions (children and grandchildren) come into the family, you may want to update your will to allot inheritance for them. The same applies if you get married. Likewise, if you lose a beneficiary (through death or divorce), you need to update your will to reflect these changes in circumstances.

A will is one of the most important legal documents you can ever create. Find out how legal counsel can help you create or update your will to reflect your wishes.