Updating a Will is most often one of those personal matters that we never make time for. Once a Will is drafted and signed it is often locked away and forgotten.
It is however good practice to review your will every three to five years and to make the necessary amendments if required.
Here is a list of six life events that may require an amendment to or update of your Will:
- the heirs named in your will are deceased
- a new birth or adoption in the family which requires the naming of a new heir
- changes in tax laws and laws affecting estate planning
- changes to named executors, trustees or guardians
- marriage or divorce
- the acquisition or disposal of a significant asset
Consult your attorney regarding the legal implications of any amendments to your Will.