10 EVENTS – Signs That You Should Update Your WILL

Generally, Malaysians can be quite “pantang” about matters relating to wills and transitioning to the “afterlife” as it were. We prefer not to think about these things if we can avoid doing so. Some are afraid as they think it might attract bad luck to them. Others are just too busy with day-to-day life.

So when we finally get around to writing a will, we breathe a huge sigh of relief. “Phew, it’s done” we say, and file the document away in a safe place – assuming that we will never have to look at it again.

But is this really the case?
Not exactly…in fact, you should review and update your will once every 5 years. A will once written, cannot be taken as set in stone. It can, and in fact it should, be updated and changed in the course of the testator’s lifetime.

So when should you consider updating your will? Usually, if there are changes to the legislative framework, or your personal circumstances.

Here are a few scenarios to explore.

1. If you acquire a new asset.

Let’s say that you have already written a will specifying a list of assets that you wish to have distributed to your beneficiaries. However, several years later, you acquire a new asset or dispose of an asset stated in your earlier asset listing. You may wish to consider updating your will at this point (or at least double check to make sure that the acquisition/disposition is already contemplated in the will).

2. If you physically relocate to another country.

This scenario is applicable to seniors who have decided to migrate to another country in their retirement years. For example, some countries including Malaysia, offer incentive programmes to high net worth individuals to relocate to those countries and live there. Should this option be pursued, it would be prudent to update your will to accommodate legal and other differences between your home country and your chosen retirement location.

3. If your financial status changes drastically – for the better or for worse.

Obviously in this case, one would hope that the reason the will needs to be updated, is a windfall of some kind such as striking the lottery or having a large sum of money left to you by a deceased relative. How fortunate if this is the case!

But of course, it could be the opposite ie. one may have lost money on a bad investment, or a business deal that fell through. In either situation, should such an event occur, it would be prudent to revisit your will and update any information that no longer applies to your changed situation.

4. If your relationship with the beneficiaries that you initially chose, changes.

The vicissitudes of life must be anticipated and accepted. While we hope and work towards harmonious and happy relationships with our loved ones, sometimes, fate intervenes to change things. If your relationship with someone that you initially selected as a beneficiary changes, you may wish to update your will to exclude that person.

However, be aware that certain relationships are difficult to exclude under the law. A lawyer should be consulted to advise on the implications.

5. If a beneficiary or witness pre-deceases you.

In a scenario where a beneficiary or witness pre-deceases the testator, the will should be updated to name a replacement witness or beneficiary. Doing this will make it easier for the executor when the time comes to extract the grant of probate.

6. If there is a change in the status of your committed relationship.

Again, one must prepare for all eventualities, while always hoping for the best in life. The reality is that some marriages do not make it through to the end, intact. If your spouse is a named beneficiary, and circumstances change either through separation or divorce, you may wish to revisit your will and make changes.

7. If you have a newborn child/additional children, or adopt a child/children.

During these happy occasions, it is easy to be caught up in the celebratory mood. However, as soon as possible, it would be prudent to revisit your will and provide for the new addition to the family. This is especially important in the case of an adopted child.

8. If your child reaches the age of eighteen.

If you have written your first will before your child attains the age of majority or eighteen years of age, he or she would have been listed as a minor. Once he or she turns eighteen, you should update your will accordingly.

9. If your child gets married/has or adopts a child.

Once your child reaches the age of eighteen, gets married, or has or adopts a child, you should update your will to include additional beneficiaries if any.

10. If you would like to leave a legacy to a charitable organization.

After having drawn up your will, you may wish to leave a legacy or endowment to a charitable organization, educational foundation or other philanthropic entity. There are ways in which to give effect to this intention, so that upon the testator’s passing, the relevant cash endowments will be made to the selected organization.

Hopefully, the above tips will help prompt you as to when the right time to update/revisit your will should be. As always for important matters of this nature with far-reaching implications, do consult a lawyer for professional advice tailored to your specific circumstances.