I have drafted my last Will and testament with AasaanWill but I was wondering whether, if I acquire property in the future or have another child, do I need to make another Will? And what will happen if I don’t update my Will?
Remember, there can be only one Will. Even if you make more than one Will, your last Will is considered as a valid Will. Coming back to the question, whenever you want to update or amend a Will, you have 2 options:
- You can write codicil, or
- You can write a new Will, revoking the last Will
What is a codicil?
When you want to alter, add, delete, change or replace the relevant portions of the existing Will, you don’t need to write the new Will altogether, you can do it in a separate document and that document is known as codicil. Codicil is an extension to the Will. A codicil shall also be signed by the testator and at least 2 witnesses in the same manner as of Will. And then both the documents shall be stored together.
But, at the same time, if you want to make a new Will, nothing stops you from doing that as well. If you want to make a new Will, add a clause about revoking former Wills and codicils.
When should you update your Will?
You should update your Will, whenever a major event happens or occurs in your life. Some major life events can be:
- Birth of a new child
- You get engaged, married or divorced
- Buying or selling any property
- Inheriting money or property
- One of your executors, beneficiaries or guardians dies
- You want to change the beneficiaries and their share
- The law governing Wills changes
What happens if you forget to update your Will?
Always ask your lawyer to add a clause regarding the residuary estate. Residuary estate means the assets you have left or forgot to include your Will. This way, even if you forget to update your Will, atleast, your assets will be distributed among the beneficiaries of your residuary estate.
But, in case of an event like marriage, divorce, birth of a new child, always update your Will because the residuary estate clause is good enough only when no big events will take place.
How much does it cost to update a Will?
A lawyer charges extra for any of the changes you want to make in your existing Will. It may cost you upto Rs. 5000-6000.
Does AasaanWill update Wills?
If you write your Will with AasaanWill, you can update your Will anytime for FREE. You can reach out to us via mail or call and our in-house lawyers will connect with you.
Take the first step today. Write your Will online at AasaanWill. Zaroori Hai!