Revision of Your Will
Estate planning lawyers typically account for various contingencies when drafting your will, including alternate beneficiaries (also known as contingent beneficiaries) should your primary beneficiaries predecease you or be unable to inherit. But life can change unexpectedly, and your existing will may no longer reflect your current wishes.
It is recommended to review your will at least every three to five years, or more frequently if significant life changes occur. It is normal for your wishes to change.
Situations in Which You Should Review Your Will
- Marriage – your beneficiaries’ last names may change and you may also want to account for your new in laws and any children that may be on the way.
- Divorce – last names change again that you need to account for.
- Civil unions – if you are in a relationship with someone but not married, you can still gift them parts of your estate.
- Birth of a child – you can establish trusts or other inheritance provisions for children, grandchildren or great-grandchildren, with specific age requirements for distribution that align with your wishes.
- Death – if a beneficiary passes away, you can give assets that would have gone to them to someone else.
- Changes in relationship – Material changes in relationships with beneficiaries or significant changes in their circumstances (including relocation, financial status, or capacity to manage inherited assets) may necessitate revisions to your estate plan.eg. Moving) so they cannot take as much as what you planned to give them.
It is crucial to note that entering into a marriage or civil union automatically revokes any existing will, unless the will explicitly states it was made in contemplation of that specific marriage or civil union. As such, when important changes like this occur, it is imperative to consult your lawyer.
While you have the right to modify your will independently, be aware that your spouse/partner may have legal rights regarding your estate, regardless of your will’s contents. If our firm previously represented both you and your spouse/partner jointly, ethical obligations require us to disclose any will modifications to both parties .
If you have any questions about the revision of your will, please do not hesitate to contact me. I am here to help.
DISCLAIMER: This article is for informational purposes only and does not constitute legal advice.