A Will is not just a one-time task; it’s a living document that must evolve with your life. While creating a Will is a critical first step, keeping it updated is equally important to ensure your wishes remain relevant and reflect your current circumstances. After all, life is full of changes, and your Will should mirror those changes to protect your loved ones effectively.
Key Life Events That Require You To Update Your Will
Here are some major life milestones where revisiting and revising your Will becomes crucial:
- Marriage: Your marital status significantly impacts your estate planning. Upon marriage, you might want to ensure your spouse is adequately provided for.
- Acquiring or Selling Property: Whether it’s buying your first home or selling an investment property, your Will must account for changes in your assets. Ensure your instructions about who inherits your property are accurate and up-to-date.
- The Birth or Adoption of a Child: Welcoming a child into your family is a beautiful milestone, and your Will should ensure their future is secure. Appoint a guardian and set up financial provisions for your child in the event of unforeseen circumstances.
- Adopting a Pet: Adopting a pet is a significant life change, and your Will should reflect this new responsibility, ensure that provisions are made for your pet’s care, including appointing a trusted caregiver and allocating funds for their well-being.
- Significant Financial Changes: An inheritance, a major investment, or even starting a business can drastically alter your financial situation. Update your Will to ensure the proper allocation of these assets.
- Changes in Relationships: Life evolves, and so do your relationships. If you have had a falling out or a reconciliation with someone named in your Will, it’s wise to make adjustments to reflect your current wishes.
- Passing of a Beneficiary or Executor: If someone named in your Will, such as a beneficiary or executor, passes away, you will need to update your Will to appoint new individuals to these roles.
- Relocation to a New Province or Country: Different jurisdictions have unique estate laws. If you move, your Will might need adjustments to comply with local regulations.
Why Keeping Your Will Updated is Crucial
An outdated Will may no longer reflect your current wishes, especially after significant life changes such as marriage, children, or acquiring new property. While an outdated Will is still legally binding, it can lead to unintended outcomes that may leave loved ones unprotected or cause unnecessary legal complications.
“I change my will every couple of years – often only in very minor ways – and keep things simple.”
– Warren Buffet
As Warren Buffett advised in his recent update, “I change my will every couple of years—often only in very minor ways—and keep things simple.” His proactive approach to estate planning is a reminder that keeping your Will updated ensures your legacy reflects your current priorities and protects your loved ones effectively.
Read our blog on 6 Lessons to Learn on Estate Planning from Warren Buffett.
How Willezy Makes It Easy
At Willezy, we understand that life is unpredictable, and your Will should be as dynamic as your journey. That is why we offer free lifetime updates with every Will. Whether you have experienced a major milestone or just want to make a minor tweak, our platform allows you to revise your Will quickly and conveniently.
Don’t let an outdated Will jeopardize your legacy. As Warren Buffett suggests, keep it updated, keep it simple, and stay in control.
Start or update your Will today with Willezy. Ensure your wishes remain relevant and your loved ones are protected.
