5 reasons you should change your will as you age

Life is dynamic and full of changes. Even the most consistent and stable lifestyle can’t resist the effects of time: assets will grow in value, or sometimes depreciate and become liabilities. Children who are struggling today may be affluent and successful in the next decade, whilst causes you support today may be ones you disagree with in a few years. For these reasons, having a will is not a “once-and-done” process. Rather, you should consider making changes to your will as you age, in the following manner:

1. Establish a durable power of attorney
This is one of the key concerns of maintaining your will, especially if you happen to reach advanced ages like 90 to 100.

We cannot assume that we won’t suffer from cognitive decline in later years. Certain conditions, such as stroke, can render us incapacitated and unable to communicate. This can also cause disputes within the family: quarrels will arise if your intended beneficiaries are unsure as to your intent, and no one can make key decisions.

A neutral third-party, such as a financial expert or lawyer, can act on your behalf, helping you to manage your estate impartially. Alternatively, you can leave decision-making in the hands of the most trusted family member; but it’s important to communicate this clearly, and have it “set in stone” through legal documentation.

2. You may have to change your will based on shifting asset values
Assets can range from properties you own, to your stock portfolio, to valuables like jewellery. Assets almost never have permanently fixed values: over time, your stock portfolio may appreciate or depreciate, as might the value of your house.

Based on these shifting values, you may need to reassign your assets. For example, a stock portfolio worth $150,000 today may be worth $250,000 in a decade, if it does well. If so, you may not have to leave it all to one child anymore; there may be enough to split it with their sibling.

On the flip side, assets can also decline in value, or become liabilities. In these cases, you may want to liquidate them right away, and reassign their value as cash.

You may also decide on new instructions for your assets later. You could, for example, state in the will that your property is to be sold and the cash divided among your beneficiaries, rather than just leaving them the actual house. E.g., you may not want to leave behind a property that depreciates from lease decay, as its value is no longer worth its taxes and upkeep.

3. Change your will if some beneficiaries pass on before you
As you reach an advanced age, it’s possible that some beneficiaries will pass away before you. This can cause complications later, such as if the intended executor of your will passes on before you; or if you willed something to a person no longer living, and there’s no alternative recipient.

Ideally, it’s best to alter your will as soon as this happens; but you can also structure your will to designated alternative beneficiaries (speak to the lawyer crafting your will).

4. Policies and laws change, and this may require you to change your will accordingly
If you are giving residential property to your children in your will, and they want a home besides the one you leave them, they may need to pay taxes on it.

At the time this is written (2025), Singapore has no inheritance or capital gains tax. But this doesn’t guarantee that will be the case over a long period, such as 30 or 40 years. If taxation laws change, you may find it necessary to restructure your will or even create a new one to minimise the impact on your estate.

5. Your beneficiaries’ circumstances have changed
A previously healthy beneficiary may get injured, and require lifelong care. Or perhaps children who struggled with low income begin to do better, and are now affluent. These changes may require you to redistribute your assets, moving them to the family members who need them more.

This is one of the most sensitive elements of making a will, so it’s best if you communicate this to your family. You can also leave a message in your will to communicate your reasons, if you feel it’s appropriate.

Besides keeping your will updated, protect your estate with proper insurance coverage
A critical illness such as stroke, cancer, heart attack, etc. can result in urgent healthcare costs. If you’re uninsured, there’s a chance you may need to liquidate your assets to pay for this. It can mean having much less to leave to your beneficiaries, and having to revise or even abandon your will.

As such, consider a comprehensive critical illness plan with 100% lump sum payouts, or payouts in early stages of a disease, to protect your intended estate. This ensures your will and estate can remain intact, even if the worst happens.