When Should I Update My Will?

In drafting your will, it’s important to understand that events will most likely occur in your lifetime which will give rise to a need to change the provisions of your will. These events may come around as a result of changes in the law, your financial circumstances, the value of your assets and even in your preferences in relation to beneficiaries. If your will is not updated to address these changes, they can have significant unintended consequences – particularly in respect of the manner in which your assets are ultimately divided amongst your family and friends.

Some typical changes in circumstances that can cause unintended consequences if not addressed include:
- birth of new family members;
- death of intended beneficiaries;
- significant changes in beneficiaries’ circumstances;
- changes in your relationships (such as marriage or divorce);
- acquisition of new assets;
- substantial appreciation in value of particular existing assets; and
- disposal or substantial depreciation in value or loss of certain    existing assets.

In order to make sure that changes in your circumstances are addressed in your will it is recommended that you review and update your will annually or at the very least, every three years. It’s also recommended that you review your will on the occurrence of any significant change in your personal circumstances such as in the cases of the examples set out above.