The purpose of a will is to pass on your assets, wealth and all the things you wish to hand over to your heir as your legacy without any dispute or problem. However, if you know that the will is incomplete or the details mentioned in it are no longer relevant, you may need to make a new will. Here are some situations when you may find it appropriate to make a new will.

Due To Divorce

Divorce is one of the most unfortunate situations that a couple may have to face after they are retired. However, if you are getting a divorce after retirement, your property and other asset proportions may change due to the divorce settlement. So, you must change your will according to your updated financial status after the divorce. You may include or exclude the beneficiaries from your will and mention their shares in each item. Don’t forget to inform your beneficiaries about the new will and the changes that you have made in it.

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If There Are Significant Changes In Your Assets And Wealth

In some cases, people may experience an increase or a decrease in their wealth and assets due to change in the situation. So, you need to accordingly adjust the shar of the beneficiaries that you have mentioned in your existing will. You can simply make a new will and update the details in it.

If There Change In Your Family Set-Up

What if there is a change in your family setup and you want to change the shares of the beneficiaries according to it? You have to make a new will to add or delete the beneficiaries from the will. For example, suppose there is an arrival of your grandchild and you want to include them in your will. You can easily do it, by making a new will.

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If You Have Changed Your Mind

After making a will, if you change your mind about the allocation of your assets or properties, in that case you have to make a new will with new details as per your wish. For example, suppose if your children are not supporting you after retirement and you are not interested in giving them a share in your property. You can remove them from the beneficiary list and adjust the share in your property accordingly.

On The Death Of The Executor Or Any Of The Beneficiary

If the beneficiary dies earlier than you, in that case you need to provide the name of the replacement for that beneficiary in your will. It is better to make a new will with changes as required by you.

Similarly, if the executor dies, then you may not want to hand over the will to a successor executor or someone decided through the legal process. So, make a new will and mention the name of new executor in it.

When you make a new will, the provisions of the old will are nullified. So, if you come across any situation that is mentioned above, you may make a new will to make sure that your legacy is handed over to your chosen beneficiaries without a dispute.

The author independent financial journalist