When should I make a will? - June 2024
- Marriage or divorce. Even if you have a Will, did you know that in most cases your Will can be fully or partially revoked after these events? Unless your Will has been specifically drafted with these events in mind, it is possible that you are without a Will and might need to update it.
- Having children. Unlike a marriage or divorce, this won’t automatically revoke a Will but can cause problems if you pass away without a Will and don’t adequately provide for your children. If your children are under 18, you can also appoint guardians for them if you pass away while they are still in your care.
- Starting a business. As if you don’t have enough on your mind when starting up a new business! Depending on how the business is structured or owned, you might need to include your wishes about the future operations of the business in the event you pass away.
- Health issues. If you are diagnosed with a serious, life-threatening, or terminal illness, this is a step you should consider to make sure your affairs are in order to give you peace of mind.
- Changes to relationships. If a person named in your Will passes away, such as a beneficiary or executor, it might be a good time to review the Will. If you have appointed someone you no longer have a relationship with, you should also consider changing your Will.
- Retirement. As you approach retirement, and after transitioning, it is a good time to consider if your Will matches your future financial plans.
