When is the Right Time to Update your Will?
A Last Will and Testament does not have an expiration date. The time to update your Will is when there is a major change in your life: marriage, divorce, birth, death, change of relationships, etc. It is a good idea to review all of your legal documents and account beneficiary designations every year to ensure they are still correct and express your wishes. Many years ago, people executed ‘codicils’ or amendments to Wills when they wanted to make changes. That is not done today. If you want to change any of the terms of your Will, you need to make a new one.
If you do not yet have estate planning documents in place, now – when you are mentally well – is a good time to put them in place. We do not know what tomorrow brings. A negative change in your mental capacity or an unexpected death will leave your affairs unorganized and it be too late to put your plans in place.