When Should You Update Your Will?
Writing a will is a job that not many people relish. But, once it’s done, it’s done. Right? Not necessarily. According to studies, the average useful lifespan of a will is around eight years. What does that mean? It means that, in many cases, within eight years of you writing your will something will have happened to cause you to need to change it. It won’t be the case with everyone, and a large number of people really can simply write their will and then forget all about it (apart from letting loved ones know where it’s kept, of course). However, wills do sometimes need to be updated, and if they aren’t then there can be problems when it comes to probate and executing the will.
When should you update your will?
If something major happens in your life, then think how that will impact your will. Marriage is one of these major life events, as is divorce. If either of these things occur after you have initially written your will, then you will most likely need to update it to include or remove people from it.
Children are another reason to update your will. It is likely that you will want them to inherit some or all of your estate, so they need to be mentioned in your will. Guardians are also an important aspect to include if your children are under 18. And if they turn 18 after you have written the will then the guardians should be removed as they will not be required.
The death of anyone who is mentioned in your will will also mean that it needs updating, and the same is true if you fall out with anyone who was originally meant to inherit. If you change your mind, change your will, otherwise the people you don’t want to inherit will do so anyway.