5. Decide if you want to change your will or make a new one
Question & Answer
When should I update my will?You can change or your will at any time, as long as you're .
Being mentally capable means that you understand all of the following:
- why you're making a will and the effect of making one
- how much property you have
- which dependants should be and the claims they may have if you do not leave them property in your will.
You can change parts of your will or revoke the entire will.
Revoke your will
Revoking your will means that it stops being valid. If you do not make a new will after you revoke one, it's as if you never made a will. This means that the intestacy rules apply to your .
Making a new will can automatically revoke your old will.
You can also revoke your will by destroying the original will completely. For example, you could burn, shred, or rip it to pieces.
Writing “revoked” directly on your will or crossing out parts of your will are not enough to revoke or change it.
Change your will
You can change your will by making a new one.
Or, you can change your will by making a “”. This is a separate legal document that's made the same way as a will.
A codicil is usually made when you have small changes to your will. For example, if you want to add or remove a beneficiary. Or, if you want to change the amount of a .
The codicil should refer to the section of the original will that you want to update and say what you want the change to be.
Writing directly on your will after it's been signed does not always change your will. You have to follow strict rules to make the change valid.
If you make a mistake, the court may have to decide whether your will is valid. This can cost a lot of money and take a long time.
In most situations, the best way to update your will is to make:
- a codicil, or
- a new will.
Information for your estate trustee
You do not have to file your will with the court. So make sure your will is kept in a safe place. This could be, for example:
- in a fireproof safe at home
- with your lawyer
Make sure your knows where to find your will. And it's a good idea to tell them where they can find:
- a list of your property, including bank accounts, investments, and insurance policies
- important documents, like the title to your house
- passwords for things like online banking and social media accounts
It's also a good idea to tell your estate trustee what kind of funeral you want. And whether you want to be buried or cremated.