Once you have a Will in place it will remain in effect unless you choose to revoke it. For this reason, it is important that you periodically review your Will in order to ensure that it reflects your wishes and current circumstances. You may wish to review your Will after a specific period of time, for example, every five years, or it may be due to a specific event occurring. Some examples of when you may decide to review and possibly update your will include:
- If one or more of your executors are no longer able or willing to act as your executor
- If one or more of your beneficiaries have passed away or become estranged
- If you have entered into a common law relationship, married or had children since you wrote your Will
- If you have separated from your spouse since you wrote your Will
- If your financial circumstances have changed since you wrote your Will
If you are making minor changes to your Will you can do so by executing a Codicil. This is a document which references the original Will and only amends certain paragraphs in that Will. The original Will remains in effect but is amended according to the Codicil.
Another option is to draft a new Will. By doing this you will revoke the former Will, meaning that it is no longer in effect. This is beneficial if you are completely restructuring the Will or if you do not want your executors or beneficiaries to know how the former Will was structured.
If you are unsure as to whether your current Will accurately reflects your testamentary wishes or would like to amend your Will please contact one of our lawyers and they will be happy to assist you.
This article is not intended to provide legal advice. Should you require legal advice please contact a legal professional.