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When is it time to update your Will?

If you’ve written a Will online, it’s important to remember that you might need to update it and change different parts of it as your own life and priorities shift. A Will is meant to represent what matters to you, and if you grow and evolve as a person, or your financial situation is altered, there could be a need to modify your future plans to reflect that.

Has your family situation changed?

If you've had kids or gained new dependants since you last updated your Will, this is the time to sit down and rethink it. When you have a family for the first time, your Will should reflect what you want to happen in the event of your death, to make sure they're taken care of.

Alternatively, if you have recently gained a spouse, or if you've been through a separation, you might want to reflect on your plans for that person and what you are and aren't willing to leave to them as a beneficiary.

Has your financial situation changed?

If you've come into some new major assets, you'll want to ensure you have plans for them. Buying a house or a car for example is a step that should prompt you to update your Will so that the right people will receive those assets. If you've made a major investment, or if you've lost or traded away an asset, that's also a trigger point to change your Will, too.

Finances do transform over time, and there's a need to stay up to date as much as possible, particularly if your net worth has grown.

A change in state laws, tax rules, or just the economy-wide climate can all make sense as triggers. Staying ahead of the curve matters here, and it should be on your list of things to think about regularly as a part of managing your financial health and wellbeing.

How to revise your Will

Revising a Will is not as hard as it might seem. First, you have to make sure that the information you want to include in it is accurate. Then you should take a look at the specifics of your Will. For example, if you are giving instructions to your children, you need to make sure that there aren't conflicts with other instructions you have given them.

With an online Will, that actually becomes a much simpler process; rather than sitting back with a lawyer and rewriting it from top to bottom, you can actually update each of the parts that you need from the comfort of your home and produce a new version of the Will to sign in a matter of moments.

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Disclaimer: Willed is a technology platform that allows you to create your own estate planning solutions using our forms and other information. Willed is not a law firm and does not provide legal, financial, taxation or other advice. If you are unsure whether our estate planning solutions are suitable for your personal circumstances, legal advice should be sought from a law firm, such as Vault Legal.