When do you need to update your will

Your will- something which one easily forgets to update.

It should be updated if any of the following takes place:

  1. marriage, cohabitation, divorce, or death of a spouse / long-term partner
  2. birth or adoption of children, marriage of children or birth or adoption of grandchildren
  3. registration of a trust
  4. acquisition of any assets you would like to bequeath to a specific beneficiary
  5. the desire to add or replace any beneficiaries, your executor and/ or any trustees if you have a testamentary trust
  6. changes in your desires as to what should be done with your mortal remains, e.g. where you should be buried, whether you wish to donate organs, where your ashes should be placed

The following may also require changes to your will:

  1. death of a beneficiary under your will
  2. the proposed changes to the taxing of trusts (more clarity on these changes is expected to emerge in 2014- watch this space)
  3. if it becomes clear that a beneficiary will require long-term financial assistance
  4. where you are spending much more on one of your dependants and wish to equalise your contribution to dependants after your death.
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