When Should I Update My Will?

If you’ve already created a Will, does that mean you’re sussed for life? Not quite! While having a Will is very important, keeping it relevant and up to date should be just as much a priority! Let us tell you a (true) story to explain.

There once was a couple, John and Jane, who decided to get married. They loved each other very much and lived happily together, just the two of them. With no children to consider in their Will, they decided to leave everything to each other and as a backup beneficiary, they each named Jane’s mother. Unfortunately, the marriage did not last, and in fact, it ended terribly in divorce with much bitterness.

Many years went by, and eventually, John passed away. John had mentioned to his niece that she could have what remained of his estate. However, John had not updated his Will since his divorce so the last valid Will he wrote was the one he and Jane had made together. As they had been divorced, Jane was not eligible to receive the estate, which meant that everything would go to the backup beneficiary, Jane’s mother. Unfortunately, during that time, the mother had also passed and since Jane was her primary beneficiary, she ended up with John’s full estate.

Sadly, this is not an uncommon situation. There are a number of cases like this one where people’s estates have been messy or ended up in the hands of the wrong people – all because they didn’t update their Will.

So, you may be wondering, “When is a good time to update my Will?” or, “How often should I update my Will?” To answer these questions, the Footprint team has outlined 5 situations that happen throughout a lifetime that should prompt a Will update.

1. Buying a first home

It is always recommended to invest in or update your Will when you buy a home for the first time. How you own your property can impact your estate and be a strong determining factor of who gets what after you are gone, so it’s definitely a good idea to consider how your property ownership needs to relate to your financial wishes in your Will.

2. Change in relationship

If you have a change in relationship, there are a few scenarios to keep in mind.

When you get married, the Will you wrote before marriage is no longer valid which means if you were to pass away in that time you are considered to have died intestate (without a Will) unless there is a clause in your Will that contemplates your marriage.

Contrastingly, when you divorce, your Will remains valid. However, your former spouse is simply written out of it. As we demonstrated though, it could pay to review who your backup beneficiaries are.

3. Expanding your family

Wills aren’t just about what you leave behind; they can also be used to assign a guardian to care for your children when you’re gone. By including a guardian for your children, you’ll have peace of mind knowing that your wishes have been taken into account.

Another thing to keep in mind is that if your family grows, you will need to reconsider how you’ve distributed your assets. Leaving children out by accident or divvying up your assets unfairly could result in conflicts. For more information, read the Family Protection Act 1955.

4. Changes in your location

If you live in a different country from your birthplace and have assets in both, your estate may be under more than one country’s laws. Dealing with assets in other countries can be very time-consuming and expensive. Therefore, to save on both, keeping your assets separate by making a Will that’s valid in each specific country, could save you heaps.

5. Changes in your family tree

Depending on your family circumstances, you might also want to review your Will in the following three scenarios.

From time to time, you should revise your Will to make sure that all your people listed—the executor, the preferred guardian, and your beneficiaries—are still mentally sound and able to receive funds or execute their duties.

Alternatively, if you’ve had a big falling out with someone on the list, or if that someone has passed, it would be wise to make revisions to your Will.

The third circumstance in which you should make changes to your Will is if your estate becomes more complex. You might prefer that a professional take care of it versus a friend or family member when it comes to estate administration.

Update your Will easily with Footprint

Writing a Will and keeping it relevant and up to date is simple with Footprint’s online Will subscription service. On the anniversary of a subscription, you will receive an email notifying you that you have a Will update available. This cost is accounted for in a subscription, so there’s no additional cost unless you want to update it before the year is up. Plus, this once-a-year update can be used at any time!

With Footprint, keeping your Will updated with any new life changes is a piece of cake. Browse our Will packages online or get in touch and ask our team about our products today!