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- It depends on 1) Your life circumstances and 2) How your Will was structured.
- Our Wills are structured to be as future-proof as reasonably possible so as to minimize the need for rewriting. Doing so can save you costs in the long run compared to Wills which do not accommodate this.
- Generally speaking, if your broad instructions and wishes pertaining to an asset class/group remain unchanged, there is no need to re-write your Will, even if a particular asset has been changed.
- (e.g. a change of principal residence due to property upgrading/downsizing)
- However, for Specific Gifts that are no longer present and have been redeployed/repurposed/changed, a re-write is necessary.
- (e.g. I want to give Property of to my child, but this property was later sold and the proceeds were used to buy a new one.)
- While our Wills are not meant to be changed and re-written often, there needs to be an acceptance and understanding that we may face notable changes in the future, either to our world-views or to our circumstances, and a full re-write at that juncture is advisable and needed.
