Series| Week 11
Title: THE IMPORTANCE OF UPDATING YOUR WILL – WHEN AND WHY YOU SHOULD REVISIT IT
Having a will is one of the most important steps in safeguarding your family’s future and ensuring that your wishes are respected after you’re gone. But writing a will is not a “once-and-done” exercise. Life is constantly changing, and so should your will. An outdated will can cause confusion, disputes, and even result in your assets being distributed in a way you never intended.
At Legacy Guard Consulting, we have seen first-hand how a well-prepared but outdated will can create complications for families—sometimes leading to unnecessary legal battles and heartache. That’s why we stress the importance of reviewing and updating your will regularly.
Why You Should Update Your Will
Your will should always reflect your current circumstances, relationships, and wishes. Here are some of the most common reasons to revisit it:
Major Life Events
Significant changes such as marriage, divorce, the birth of a child, or the death of a loved one should prompt a review of your will. For example, in Botswana, marriage may affect how your estate is distributed under the law—especially if you are married in community of property.
Changes in Your Assets
If you acquire or dispose of significant property—like a house, business, or large investment—your will should be updated to include or remove these assets.
Relocation or Change in Jurisdiction
Moving to a new country, or even a different region within Botswana, can affect how your will is interpreted under local laws.
Change in Beneficiaries’ Circumstances
If a beneficiary passes away, becomes incapacitated, or their financial circumstances change significantly, you may want to adjust how much they inherit—or whether they inherit at all.
Appointment or Removal of Executors and Guardians
Sometimes, the people you appointed as executors, trustees, or guardians may no longer be able—or suitable—to serve.
Changes in Law
Estate and inheritance laws can change. A provision that was valid when you wrote your will may now be outdated or even invalid under current legislation.
When to Review Your Will
As a general rule, review your will:
Every 2 to 3 years
Immediately after any major life event
Whenever your financial or family circumstances change significantly
The Risks of Not Updating Your Will
Failing to update your will can lead to:
Unintended Beneficiaries – Assets going to people you no longer wish to benefit.
Family Disputes – Confusion and disagreements over your true intentions.
Court Delays and Costs – Legal challenges that can drain the estate.
We have handled cases where a person remarried but never updated their will, leading to their new spouse and children from a previous marriage becoming embroiled in years of legal disputes. A simple update could have prevented the ordeal.
Final Thought:
Your will is a living document. Treat it with the same attention you give to your other important life plans. An hour spent reviewing it today can save your loved ones years of stress and uncertainty tomorrow.
In next week’s article, we will dive into The Role of Life Insurance in Estate Planning-how insurance can complement a will and avoid liquidity problems in the estate.
