Why you should review your will after major life events
Financial Literacy 101: a life change means a will change
Estate planning isn’t something you do once and forget. It’s a living document. One that should evolve as your life changes.
Your will is a reflection of your values, your relationships, and your legacy. Here’s why it’s essential to revisit it regularly, especially after major life events.
Marriage, divorce, or remarriage
A change in marital status should always prompt a review of your will. If you’ve remarried, had a divorce, or just tied the knot, you’ll want to ensure your current wishes are accurately reflected. Otherwise, your assets may not go where you intended.
Related: 5 key conversations for a healthy relationship
Related: Love don’t cost a thing… or does it?
New children or grandchildren
The arrival of a new child or grandchild is a joyful event and also a good reason to revisit your estate plan. You may want to allocate funds for their education or appoint legal guardians should anything happen to you.
Related: How much inheritance should you leave your children
Related: How to preserve your wealth over three generations
Significant changes in your assets
Whether you’ve bought a new property, sold a business, or received an inheritance, any major change in your financial situation means your will should be updated to reflect your true wealth.
Related: #Housing101 : Singapore edition
Loss of a beneficiary or executor
If someone named in your will has passed on or is no longer able to serve, it’s time to make a change. An outdated will can cause confusion and delay during an already emotional time.
Related: 5 reasons you should change your will as you age
Changes in your health
A diagnosis of a critical illness or a cognitive condition such as dementia should prompt not only a review of your will but also the setup of instruments like a Lasting Power of Attorney (LPA) or Advance Medical Directive (AMD).
Related: The impact of critical illness is greater than one can imagine
Why this matters
Failing to update your will can lead to family disputes, unintended disinheritance, or legal complications during probate. Proper planning can spare families from unnecessary stress.
The typical advice is to review your will every 3 to 5 years, or after any significant life event. Remember, it’s not just about dividing assets. It’s also about protecting relationships, honouring your wishes, and giving your loved ones peace of mind.
Wealth Insurance
Includes SRS investment, capital guaranteed, endowment, investment-linked, lifetime payout
Let us match you with a qualified financial representative
Our financial representative will answer any questions you may have about our products and planning.
