As a general rule, you should review your will once every 12 months. So, on the anniversary of when you made the will, get it out, have a look at it and make sure that it still reflects your wishes. What you don’t want to do is ‘set and forget’, which many people do.
Having said that, just because you’re reviewing your will once every 12 months doesn’t necessarily mean that you need to change it every 12 months. You only need to change your will if the wishes contained therein no longer reflect your actual wishes.
Some common examples of events that would warrant updating your will include:
- if you have a falling out with a beneficiary in your will;
- someone named in your will dies; or
- you’ve changed your assets.
Basically, you should consider updating your will whenever there’s a significant change in your circumstances.