Can I change my Will?

Let us start with a story — the story of an old man who couldn't hear properly.

There once lived an old man who was rich, successful and, above all, kind. Unfortunately he had a hearing problem and could not follow his family's conversations and cackle. One day he received a message about a new hearing-aid innovation from a visiting ENT specialist. He met the doctor, who fitted him with a new aid and gave him a fresh lease on hearing again.

Three months later he visited the doctor, who smiled and asked whether his family was delighted at his recovery. The old man smiled back and said he had never told his family he could hear. Every evening he would sit with them and pretend he still couldn't — to get an honest insight into their thoughts and what they truly felt about him. Life continued the same old way… except that he changed his Will three times in those three months.

Yes — you can change your Will as many times as you want. Usually the change relates to assets or their acquisition; most things, like family, remain constant. Depending on the size of your family and your personal objectives, you define the pattern of devolution.

When should you revisit your Will?

For minor changes, you can make a Codicil — a document in testamentary form that acts as an amendment and supplement to a Will. It is advisable to register both the Will and the Codicil. For any significant change, such as changing beneficiaries or the distribution pattern, it is better to redraft the Will altogether. Changing a Will or Codicil is an easy process, not cumbersome at all.

You will keep adding assets, buying new property, or selling and liquidating investments. You don't need to change your Will every single time — you can add a specific clause that covers future assets and their distribution.

Life is never constant; situations, circumstances and thoughts all evolve. So revisit your Will at stipulated intervals. As a rough guide, from your early 30s to early 50s revisit it once every five years; after 50, every three years — though there is no fixed formula.