Recently, while talking to my friends and parents, I was struck by a common misconception: they all seemed to think of a Will as something you create at the end of your life, almost as a final act. When I asked why, they said, ‘Well, it’s permanent, isn’t it? We want to be sure.’ This surprised me—most people don’t realise that a Will isn’t set in stone. It’s a document you can (and should) update and modify whenever the need arises. Isn’t that far better than waiting until you’re nearing the end of life? After all, who can really predict when that might be?
Creating a Will is one of the most important steps to make sure your wishes are honoured after you’re gone. But simply having a Will isn’t always enough. Life changes, and so do relationships, assets, and priorities. Updating your Will regularly helps keep it aligned with your current wishes and circumstances. In this blog, we’ll dive into the key moments in life when it’s important to update your Will and explore why staying proactive about your estate plan can make a world of difference.
Why Updating Your Will Matters
The biggest reason to update your Will is that life is unpredictable. No matter how carefully we try to control our lives, unexpected changes are inevitable. Relationships, finances, and personal priorities shift over time, often in ways we couldn’t anticipate.
A Will isn’t just a piece of paper; it’s a roadmap for how you want your legacy handled. It outlines the distribution of your assets, like money, property, and personal belongings, and can also cover critical matters such as guardianship for minor children. As Jeffrey A. Preszler, Partner at Preszler Law Alberta, explains:
“Update your will regularly, especially after major life events like marriages, divorces, births, or deaths in the family. An outdated Will often creates confusion and can lead to challenges from those who feel left out or unfairly treated. Reviewing your will every few years ensures it reflects your current wishes and circumstances. Think of it as a living document that evolves with your life, not a one-and-done task.”
Failing to update your Will as life changes can lead to unintended consequences, such as:
- Unfulfilled wishes regarding guardianship, donations, or other personal matters.ons.
- Unfair distribution of your assets due to outdated beneficiary lists.
- Legal disputes among family members or other beneficiaries.
Key Life Events That Call for a Will Update
Let’s look at specific situations in which updating your Will becomes crucial.
1. Marriage or Divorce
Marriage and divorce are life-altering events that often shift our priorities. Would you want your Will to ignore those changes in your personal life? When you marry, you may wish to include your spouse as a primary beneficiary or even designate them as an executor of your Will. Conversely, you might want to remove your ex-spouse from your Will after a divorce to avoid potential conflicts and ensure that your assets go to the right people.
Updating your Will in response to such major relationship changes can go a long way toward ensuring that it aligns with your current life circumstances and priorities.
2. The Birth or Adoption of Children
The addition of children, whether through birth or adoption, often brings new responsibilities and priorities. Updating your Will allows you to provide for them financially and designate a trusted guardian to care for them if something happens to you. This ensures that your wishes are clearly outlined and your intentions protect your children’s future
3. A Significant Change in Finances
A substantial change in your financial situation—whether from an inheritance, starting a business, or selling a large asset—can significantly impact your estate planning. Updating your Will to reflect your current financial state helps ensure clarity, prevent confusion, and reduce the risk of legal complications down the line.
4. Death of a Beneficiary or Executor
Choosing an executor or beneficiary is a critical part of creating your Will. If someone you named as a beneficiary or executor passes away, you must revise your Will to avoid legal complexities. An updated Will ensures that your assets are distributed according to your wishes and that a designated executor can follow your instructions.
5. A Move to a Different State or Country
Laws regarding Wills, estates, and inheritance vary across states and countries. If you’ve recently moved or are planning to relocate, consider reviewing your Will to ensure it complies with local legal requirements. Updating your Will to reflect any new legal standards helps avoid potential conflicts and ensures your wishes are properly honoured.
Check out our blog on the common Mistakes to Avoid While Making a Will to ensure a seamless legacy and safeguard your wishes effectively.
The Risks of Not Updating Your Will
Failing to update your Will can lead to various complications. Here’s how these might play out:
- Outdated Beneficiary Allocations: Certain beneficiaries might receive more or less than you intended if your circumstances have changed and your Will isn’t updated.
- Legal Disputes: When a Will doesn’t clearly reflect a person’s intentions, disputes can arise among family members, causing tension, drawn-out court cases, and possibly high legal costs.
- Neglect of Minor Children’s Needs: If you don’t update your Will to reflect your children’s needs, there could be no clear financial or guardianship plan, potentially placing them in the custody of someone you may not have chosen.
How Often Should You Review and Update Your Will?
According to various law firms and solicitors, reviewing your Will at least every few years is a good idea, even if you haven’t experienced major life changes. This practice helps ensure your wishes are still accurately reflected and can account for any smaller changes that might otherwise go overlooked.
General rule: Update your Will:
- Every 3-5 years, if nothing significant has changed
- After any major life event, such as those listed above
Steps to Take When Updating Your Will
Updating a Will is straightforward but does require careful attention. Here’s a brief guide on what to do:
- Create a Codicil or Draft a New Will:
A codicil is a s a legal document used to make minor adjustments to an existing Will. If you’re making only a few small changes, a codicil may be sufficient. According to Harmanjit Singh, Founder and CEO, Origin Web Studios:
“Updating a Will requires registering a fresh document called a Codicil at your local Sub-Registrar’s office. This legal addendum modifies your existing Will without completely nullifying it. Think of a Codicil like installing a software update rather than completely reinstalling the system. It’s more efficient than drafting a new Will for minor changes.”
It is advisable that the original Will, including all hard copies, should be destroyed to avoid any future confusion or legal disputes. - Consult Your Lawyer:
You can update a Will independently. Yet, it is advisable to consult a lawyer to ensure all changes are legally sound and compliant with the latest laws in your jurisdiction. - Review Desired Changes:
Consider any beneficiaries, guardians, assets, or specific instructions you wish to include or exclude. Carefully think through the changes to ensure your wishes are reflected. - Witnessing and Notarization:
An updated Will requires the same formalities as the original: it must be properly witnessed by two people who are not the beneficiaries and notarized, if required by your jurisdiction. Following these legal steps ensures that your updated Will is valid and enforceable.
Conclusion
A Will is a living document that reflects your wishes at a certain time in your life, but life circumstances change. Regularly updating your Will is a proactive and thoughtful approach to safeguarding your legacy, preventing disputes, and ensuring your wishes are fulfilled as you intend.
Updating your Will might seem like a minor task, but the peace of mind it brings—knowing that your loved ones Will be cared for and your wishes honoured—is invaluable. Just as you would update other important life plans, revisiting and revising your Will can make a significant difference in how your legacy unfolds.