As most of us would agree, life moves very quickly and our circumstances change all the time especially in recent times due to the COVID-19 pandemic. Given this, we tend to forget or delay reviewing our Wills and updating them to reflect any changes in our circumstances that have occurred.
How often should you review your Wills and why? We recommend that people over 60 years of age should review their Wills at least every two years to see if it outlines what their wishes are. If you are not in the above age category, then it is recommend that you review your Wills every 5 years.
Some of the reasons to review your Wills include:
- You have had new children;
- You now have grandchildren or will soon have grandchildren;
- Your existing children have turned 18 years of age;
- A beneficiary under your Will is in a risky profession (e.g. doctor, lawyer) where legal action can be brought against them, or further asset protection is required;
- You have been married since your last Will was prepared;
- You have been divorced since your last Will was prepared;
- You are contemplating marriage;
- You are undergoing a divorce;
- Adult children are married or contemplating marriage;
- Adult children are divorced or undergoing divorce; or
- Changes to familial changes post COVID-19.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
