4. When to Amend Your Will
Life happens; changes occur in your location, relationships and financial status. You will most likely need to update your will according to the life changes that affect your beneficiaries, Executor and inheritors.
A simple solution is to amend a will by adding a codicil. A codicil is a document, which modifies a will. A codicil does not replace the will but amends the will by revoking provisions, changing assets, beneficiaries or Executors of the existing will.
Helpful Hint on How to Write a Will: Remember to date and sign the amended will, or codicil, with at least two witnesses.
Take stock of your will regularly by asking yourself the following questions:
- How has my life circumstances changed since I last wrote my Will?
- Have my financial and physical assets changed?
- Has my health or a family member’s health changed?
- Has an important event happened in my family such as death, marriage, birth, or divorce?
- Have I acquired any new property or digital assets since I first made my Will?
- Do I have a pet who will need to be cared for should anything happen?
Take a few minutes now to answer these questions.
- Do I plan on making purchases that affect the assets inventory in my Will?
- Have I updated my Will to accurately represent the people in my life and the current status of my assets?
- What future events do I expect that may affect the contents of my Will?
