Updated: Jan 17
Firstly, we're so happy that you already have a Will in place! You're a step ahead of a lot of people. Now it's time to think about how long ago it was drafted...
A great guideline to follow is to review any important legal documents you have every two to five years, depending on your circumstances. However, there are some occasions when it is beneficial to review your Will earlier. Let's take a look at some of these scenarios.
1. Changes in family and romantic relationships
Things can change a lot over the years, and those who you were close to five years ago may not be in your life anymore. On the other hand, you may have welcomed other people into your family or life who you wish to include in your Will. Perhaps you have a new partner, or a new grandchild for example.
2. An update in assets
If your assets are now worth considerably more or less than when you previously reviewed or wrote your Will, it's time to take another look. Maybe you bought or sold a home, or even started a new business - these are all things that should be reviewed as soon as possible.
3. You've moved country
You don't want to leave any nasty surprises or complications for your loved ones after you pass. If you are moving country, be sure to double check everything with your Estate Planner to ensure everything is still in order and won't be affected by your relocation.
4. Changes in the law
It's always best to review your Will after a change in the law just to make sure your beneficiaries won't be affected.
Other scenarios that call for a Will review include:
- Starting or buying a new business - Birth or adoption of a new family member - A marriage or divorce - The death of someone named in your Will - When children named in your Will reach the age of 18 - A new business - A diagnosis of a serious illness
If you think it is time to review your Will, send us a message today and we will be happy to help.