Wills used to be a set-and-forget exercise, where the paperwork was done once, put in a drawer and never thought of again.
Unfortunately (or perhaps fortunately) life has a funny habit of changing, which means your will should too. After all, the very purpose of a will is to protect and take care of the people you love right now. Not the people you loved 20 years ago (lucky you if you're still loving the same people in the same way with the same assets) or the people you might love in the future.
I like to think of lives like books.
Some people jam so much into their time on earth it would fill seven volumes, or give War and Peace a run for its money. Whilst others would be satisfied with a tiny paperback novella, the kind you could start and finish in one night.
When I do estate planning with clients, I'm not thinking about the whole book. I don't care too much about the introduction or the conclusion (because really there's not many of us who really know how that chapter is going to play out) what I'm focusing on is the chapter they're in right at this very moment.
The bit that tells me who you love, who you've lost, what you dream of, what you have, and a vague direction of where the plot line is heading.
If your life has moved on but your will hasn't, it deserves a re-write, not a run through the spell checker.
I can't tell you the number of times I've helped families navigate a will that doesn't in any way, shape, or form reflect the current chapter of their dead person.
People have been killed off (literally and figuratively), new characters have arrived, properties have been sold, weddings, babies, and floozies have entered the picture, yet none of those things have been accounted for in their estate plan.
Sometimes they're in possession of a will that's 20, 30 or even 40 years old. Sometimes they have a will that was written 2, 3 or 4 years prior.
The amount of time that's passed is irrelevant. It's about how much their story has changed
Regularly updating your will means everyone is on the same page
If you leave your family with a will that is missing pieces, or suddenly offers up a surprise plot twist (hello ye’olde skeletons in the closet). If your will is so out of date it is no longer relevant or doesn't make sense, I can guarantee your family will go looking for answers.
Unfortunately the only way they’re going to find those answers is by engaging a lawyer to interpret your story on their behalf.
When the lawyer can’t figure out what you were trying to say, a court will be charged with the job of sifting through the limited evidence and concocting their own story. It won’t necessarily be the right story but it will be a story and your family will have to settle for that.
Because you won't be there to set the record straight.
If any of these things have happened since the last time you wrote your will it's time for an update;
> adult children leave your care
> new babies join your family
> marriage, divorce, separation or moving in together
> increased care duties of parents or grandchildren
> a new business venture or significant investment
> retirement
> discovery of a 2nd family or previously undisclosed love child
> buying or selling property
> winning the lotto or inheriting assets
> the death of a spouse or dependant
The next time you’re looking for a good bed-time read fish out your old will and see if reflects what your life story looks like this year.
Life never stays the same and nor should your will.