You might be one of the few who actually has a Will in place, but when did you last take a look and check it's still fit for purpose?

Here's a few pointers for you:

 When should I update my will?

Not keeping your will updated can cause big issues for your loved ones after you're gone.

Life is always changing, and if you don't regularly update your will, it can lead to confusion and disagreements among your family. People who were once important to you might be left out, and others who don’t want part of your will may be left with your assets.

Let's make sure your will is always in sync with your wishes and keeps your loved ones well taken care of.

When is a good time to update my will?  

1. Significant life events:

Major life events are the perfect cues to review and update your will. Events like:

• Marriage

• Divorce

• Birth of children

By updating your will to include or remove beneficiaries or appoint new guardians, you can ensure your loved ones are properly provided for.

2. Changes in family dynamics:

As time goes on, family dynamics may shift, and relationships can change. Beneficiaries who were once relevant to your will may no longer play a significant role in your life, while new individuals may have become important. By updating your will to reflect these changes, you prevent confusion and potential disputes among your loved ones.

 3. Financial milestones:

Life's financial journey can be filled with ups and downs. Acquiring new assets, selling existing ones, or experiencing fluctuations in your wealth are moments that necessitate revising your will. Ensuring your will aligns with your current financial situation helps secure your legacy and maintains your desired asset distribution.

 4. You start or acquire a new business

Starting a business is a big step that affects many areas of your life. Updating your will during this time is crucial for:

• Reflecting business assets

• Designating successors

• Protecting your family

• Considering taxes

• Adjusting beneficiaries

• Planning for business succession

• Addressing debts

 5. Relocation or change in residence:

Moving to a new country can have legal implications on your will. Laws governing wills and estates can vary, and updating your will to comply with the laws of your new location is essential to ensure its validity.

 6. Time since your last update:

Even if you haven't experienced any significant life changes, it's a good idea to review your will every few years.

Time can pass quickly, and regular updates ensure your will remains relevant and aligned with your current wishes and situation.

Our will refresh service gives you peace of mind knowing that your legacy will be preserved, and your loved ones will be taken care of just as you intended.

Schedule a will update consultation today and we can help update your will.

Frequently asked questions 

Why is it essential to keep my will updated?

At Robert Shaw & Co, we always emphasise the importance of regularly updating your will to ensure it accurately reflects your current wishes and life circumstances.

Life is always changing, and an outdated will may not distribute your assets as you intend, leading to potential confusion and disputes among your loved ones.

How long does it take to update my will?

It can take 24-48 hours depending on how fast you need your will updating. All we need is a copy of your current will to get started.

What complications can arise if I don't update my will?

Neglecting to update your will can lead to your assets not being distributed who you want, exclusion of new beneficiaries, potential legal challenges, and inefficiencies in tax planning. These complications can put emotional strain on your family and may result in delays and increased expenses during the probate process.

How can updating my will prevent disputes among my loved ones?

By updating your will, you have the opportunity to clarify what you really want to happen and include new people who have become significant in your life. Clearly stating your wishes reduces the likelihood of family disputes, promoting harmony during challenging times.

 What if my financial situation changes?

Life's financial circumstances can fluctuate, and it's so important to update your will accordingly. Regular updates ensure that your will reflects your current assets, investments, and financial goals, making it easier to secure your legacy for your beneficiaries.

How often should I update my will?

We recommend reviewing your will every few years or whenever significant life events occur, such as marriage, divorce, birth of children, or acquiring new assets. Regular updates keep your will relevant and aligned with your current wishes and situation. We are always on hand to help and help you through your life changes.

How does a will update work?

We can look at your current will, whether it was created by us or elsewhere. We will perform a detailed analysis on your current will that will highlight a simplified version of what will happen according to your will after you die. We’d also highlight any areas of concern. We’ll then work with you to refresh your will based on your current circumstances.