Does Your Will Reflect Your Life Today, or Five Years Ago?

One of the most important documents you will ever sign is your will, and it requires your regular attention.

Any change in your personal circumstances can necessitate a review of your will, especially a change in your marital status. When you divorce your spouse, you must update your will.

According to Section 2B of the Wills Act, you have a period of three months from the date of your divorce to update your will. If you pass away after three months without updating it, it will be assumed that you intended for your ex-spouse to inherit as stated in your will.

The same applies to your child's guardian, who will have full parental rights and responsibilities. This guardian will manage any property inherited by your minor child until they reach the age of 18. They will be responsible for making decisions regarding your child's schooling, extracurricular activities, religious instruction, and assisting or representing your minor child in contractual and legal matters until they reach adulthood. Some parents choose to nominate the grandparents as guardians of their minor children. It is essential to regularly assess the grandparents' current health and their ability to care for your children if you pass away. You may also want to consider nominating an alternative guardian in your will in case the grandparents are unable to fulfil this role or if you have nominated family members who have emigrated to another country.

When it comes to your executor, ensure that the firm or company you have nominated still exists. This can become an issue if your family cannot identify or locate your executor. If you have nominated a family member as executor, confirm that there is still a strong bond between you and that they remain the right person to act in this capacity. Additionally, when a nominated beneficiary passes away, it is crucial to review your will. As per the stirpes clause, if a beneficiary dies before you, their share of the inheritance will pass to their heirs.

Relationships change over time, and the effects of the stirpes clause may no longer align with your intentions. If you have made special bequests in your will, take the time to review them. You may have bequeathed a fixed amount to a specific legatee, which might now be outdated relative to your current financial situation.

Also, ensure that your legatees are still alive and consider if there are any others to whom you would like to make a special bequest. Your estate must be sufficiently liquid to honour your bequests, as this will impact your heirs’ inheritance.

AN IMPORTANT REQUIREMENT IS THAT YOUR WILL MUST BE VALID. Your executor must have an original signed copy of your will. If you only possess a copy, consider drafting a new will. Ensure that your original will is stored in a safe place, and make sure your executor knows where to find it.

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