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When should I amend my Will?

You can amend/make a new Will as many times as you want. It is important to keep your Will updated at all times. If you do not update your Will after major life events, it may not reflect your wishes under new circumstances. Typically, you must consider making necessary changes to the Will after major life events e.g. marriage, divorce, childbirth, change of mind about legal heirs, acquisition or disposition of assets, change of Executor, death of named Beneficiaries, etc. When you make a new Will it will render all previous Wills null and void.

Aside from these major life events, it is advisable to review your Will once a year and make any changes you deem necessary.

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How do I amend my Will?

By revoking the old Will and making a new Will in its place; or
Amending the existing Will by way of a Codicil. A Codicil is like an amendment or addition to your existing Will. For a codicil to be valid, it must be signed, dated, and witnessed just like a legal Will.

After you change your Will, it is suggested that you destroy the hard copies of any previous Wills. Though the previous Wills are no longer legally enforceable, destroying them will ensure that there is no scope for debate or confusion in the future.

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When and how can a Will be cancelled?

You can cancel/revoke your Will at any point in time in the following ways:

By execution of a subsequent Will.
By writing and declaring an intention to revoke the Will.
By burning, tearing up, or otherwise physically destroying the Will (since under current law the signed and witnessed Will is the only legally enforceable copy).

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What about assets that I missed or forgot to mention in the Will, or hope to own new assets, or may want to sell existing assets. How will a Will I write today take care of such changes in my asset portfolio?

It is important to note that, in a Will, it is possible to distribute only those assets which a person owns at the time of his/her demise. However, new assets received or acquired by the person after the Will is written can easily be covered under a section of the Will dealing with Future Assets. Those assets that were missed out or which cannot be described at all can easily be covered under a section of the Will dealing with Residual Assets. Yellow’s comprehensive Will draft provides for a clause on Residual and Future Assets, wherein these aspects are taken care of. It is also a good practice to review your Will every year and, whenever there is a significant change in your asset holdings or family, update it as required.

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Updating your Will

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