Now, you had your Will written and registered. The next question you might have is, when should I review it?
Changes in your Life Changes to Anyone Mentioned in your Will
It's important to regularly review your estate plan to make sure that your Will reflects important changes in your life. No, you don't have to make changes to your estate plan every time you get a Hermès bag, but in general we do recommend for you to review your estate plan every 5 years and also when circumstances changes.
When you review your estate plan, it doesn't always imply that you need to update your Will – reviewing your estate plan simply means you should do a quick check if there has been a significant change that should be reflected in your Will. Is it about keeping your Will updated.
Changes in your Life
These are some examples of the key changes in your life where you should consider making amendments to your Will:
Change in marital status
Birth of a child or grandchild
Significant change in the value of your assets or your financial situation
If you sell property or buy a new property (or assets of significant value, i.e. maybe that yacht in Nice?)
If you legally change your name; or even
Other changes in life stage and circumstances e.g. retiring, your child is no longer a minor.
Changes to Anyone Mentioned in your Will
Additionally, these are some other changes or events that should trigger you to review adjustments to your Will:
When a beneficiary passes away
If a named executor or trustee is unable to carry out their duties
If anyone mentioned in the Will legally changes their name; or even
Death of your child's appointed guardian
Writing your Will is the very first step, and it’s an important one. But that’s not enough. In the digital age, the next step is to store your Will online. Otherwise, what happens if your person of confidence is not able to find your Will in a timely manner? liteWill is the only Will registration platform that is available globally and that provides the option to store your Will online. ‘A Will that is not online is like a Will that does not exist’.
This portion of the website is for information only. The statements and opinions are the expression of their author, not of liteWill, and have not been evaluated for accuracy, completeness or changes in the law. Information contained in this article is not a substitute for tax or legal advice.
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