Your will should be reviewed whenever there has been a material change in your affairs, be it a birth, a death, a marriage or marital breakdown in your family, a death of a guardian or executor/trustee, a significant increase or decrease in your net worth or a change in tax laws.
A review gives you an opportunity to re-examine the provisions you’ve made for your children as they mature, to consider whether a change of executor may be appropriate and to evaluate how you wish to dispose of any newly acquired assets.
Changes to your will need to be done in accordance with the requirements of the Wills, Estates and Succession Act. If the formal requirements are not followed any changes to your will are invalid. People often erroneously believe that handwritten revisions to their wills are valid. If changes to your will are required, consult with an estate lawyer to ensure those changes are made properly.
Minor changes can be made by utilizing a codicil, which adds to your will and requires the same formalities as a will. But often, it makes more sense to create a new will that revokes all previous wills so as to avoid problems with conflicting gifts. A new will also reduces the possibility that your estate may incur additional costs proving that all the changes are compliant with the legislation.