When Should You Update Your Will?

Having a valid Will is one of the most important steps you can take to ensure that your wishes are known and your estate is dealt with as you intended after your death.
But a Will shouldn’t simply be drafted and forgotten. As your life changes, your Will may need to change too.

When should you review your Will?

It is a good idea to review your Will regularly, particularly after a significant change in your personal, family or financial circumstances.
You should consider reviewing your Will after:

• Getting married – Marriage can change your family and financial circumstances, making it important to check that your Will still reflects your wishes.
• Getting divorced – South African law contains specific provisions dealing with a former spouse following divorce. Your Will should therefore be reviewed as soon as possible after a divorce.
• The birth or adoption of a child – Your Will can form an important part of planning for your children’s future, including how an inheritance for a minor child should be dealt with.
• Buying or selling property – A significant change in the assets you own may affect how you want your estate distributed.
• A significant change in your financial circumstances – Starting or selling a business, receiving an inheritance, acquiring substantial assets or experiencing other major financial changes may mean that your existing Will no longer reflects your circumstances.
• The death of someone named in your Will – If a beneficiary, executor or another person named in your Will dies, you should consider whether your Will needs to be updated.
• Changes in relationships or family circumstances – Over time, the people you want to benefit from your estate, and your responsibilities towards others, may change.

What happens to your Will after divorce?

This deserves particular attention.
Under South African law, if you die within three months after your marriage has been dissolved by divorce or annulment, a Will made before the dissolution will generally be implemented as though your former spouse had died before the dissolution. An exception applies where the Will shows that you intended your former spouse to benefit despite the dissolution of the marriage.
The three-month period gives you an opportunity to amend your Will.
If you do not amend your Will and die after the three-month period has passed, your former spouse may inherit in accordance with the provisions of the existing Will.
This is why it is important to review your Will promptly after a divorce rather than assuming that divorce automatically and permanently removes a former spouse from your Will.

Can you simply make changes to an existing Will?

Amendments to a Will must comply with the legal formalities applicable to Wills.
A codicil can also be used to supplement or amend an existing Will, but it must comply with the same requirements for a valid Will.
Making informal changes without observing the required formalities can create problems when the estate is eventually administered.

Don’t wait for a major life event

Even if nothing significant has happened recently, it is worth reviewing your Will periodically.
Ask yourself:

• Does my Will still reflect who I want to inherit?
• Are the people I have nominated still appropriate?
• Have my assets changed significantly?
• Have my family circumstances changed?
• Does my Will still reflect what I want to happen to my estate?

If the answer to any of these questions is no, or you are unsure, it may be time to have your Will reviewed.

Need to review your Will?

DMF Attorneys assists clients with Wills, estate planning and the administration of deceased estates.
Having your Will professionally reviewed can help ensure that it complies with the necessary legal requirements and continues to reflect your wishes as your life and circumstances change.

Contact DMF Attorneys to discuss drafting or reviewing your Will.