Your Will can be reviewed and revised as often as necessary to make provision for changing family and/or financial circumstances.
As a general rule of thumb, you should review your Will periodically, and definitely on any of the following events:
- Getting married and where the marriage is in community of property and the estate is substantial.
- The birth of children or grandchildren in the family.
- Divorce or separation.
When you get married, your existing Will is not automatically cancelled.
Divorce does not automatically cancel your Will either, but any bequests to a former spouse shall be void for a period of three months after the date of divorce, after which period such bequests become effective and valid again if the Will has not been changed.
If the marriage is in community of property and the assets are registered in the husband’s name, he could find himself virtually dispossessed of half of his assets if his wife has no Will or if she has a Will nominating heirs other than her husband, or the other way around.
It is also important to revise your Will when you enter into a business venture and upon retirement.
If the Will is not reviewed when your circumstances have changed, it may result in unnecessary grief and also have severe financial implications.