The fact that 65-70% of adults do not have a will is a well-known statistic, but one that is less frequently mentioned is the fact that most wills that do exist are outdated and should have been updated. Booking an appointment and paying the same professional fees again to make changes to that Will is out of reach for most people because it might be difficult to find the time and money to prepare a Will in the first place.
Unfortunately, you really have no idea how long a Will you draught with a lawyer or solicitor will last. Your Will might not be current by the time you leave the lawyer’s office and head home. You can obtain a common list of justifications for changing your will on the websites of various attorneys. These include simple events like a divorce, the birth of a child, or the passing of a beneficiary or family member. It is obvious that writing a new Will as soon as a child is born may not be at the top of your priority list, but tragically, there are many instances of parents of small children who put off making a new Will after a child is born.
The necessity to revise a will, however, is more complex than that. You must consider any changes in the circumstances of everyone or anything named in your will, as well as any changes to your own status. Which of these scenarios would therefore necessitate updating your Will?
The person you have designated as your executor was found guilty of a felony and is currently incarcerated.
You have acquired a new vacation home
The person you designated as your children’s personal guardian has given birth to triplets of their own
Your daughter got married.
Your son is demonstrating tremendous financial irresponsibility.
Your replacement Executor passed away
You recently sold your home.
Any many, many other reasons…
I believe that in the majority of these cases, updating your Will would be advised. However, when working with a legal expert, scheduling a meeting to make a very minor modification may seem like a costly and inconvenient undertaking. For this reason, a lot of individuals are using websites like WillsMalaysia.my. You can create an account with these services and update your Will anytime you need to. The revised Last Will and Testament is then altered, printed, and signed in the presence of two witnesses to become legally binding.
Some people rewrite their wills every few months in response to interactions with others around them, such as an awkward dinner party, a turned-down invitation, or an unwanted remark concerning an inheritance. You are definitely free to alter your Will whenever you like, but doing so each time a beneficiary rises or falls in favour won’t guarantee that your estate plan accurately reflects your final preferences. If your circumstances change, it might be more sensible to revise your will than to change your mind.
The key takeaway is that having a will that is out of date can be worse than having none at all. Every time someone mentioned in your Will experiences an important event, you should review your Will again and make any necessary adjustments. You should at the very least go over your will once a year to make sure it still reflects your preferences and that your directions may be followed.