General05:46 · Jun 15

When should you update your will?

YnetCenter
Translated & summarized from Ynet by baba
The story · English

Periods of war and uncertainty often prompt people to review practical matters they usually put aside, such as insurance, savings, and medical documents. The same logic applies to a will, which may no longer reflect a person’s current life, family, property, or relationships. The article warns against treating a will as a one-time document, since it should be revised whenever life changes.

One major trigger is a change in family status. If a serious couple crisis begins, and especially once the decision to end the relationship is final, the will should be reviewed immediately. If no will exists, one should be drafted right away, because until a divorce is completed with a get or a court ruling, spouses may still inherit from each other under the law. The article gives the example of people in divorce proceedings from abusive partners who could still be left with inheritance rights for the abusive spouse if they die before updating their wills.

Other reasons to revisit a will include the birth of another child, major changes in assets, such as buying or selling property, starting a business, receiving an inheritance, building significant savings, or taking on debt, and changes in heirs’ circumstances, including a child who is financially stable, a beneficiary with special needs, a relative who cannot manage money, or someone struggling with gambling, drugs, or debts. In such cases, the estate may need to be distributed through gradual payments, trusts, rights of residence, or other tailored arrangements.

The article also notes that family relationships may shift over time, years may pass without a major event, and legal changes in legislation, tax law, or case law may affect estate planning. It adds that life insurance, pension funds, provident funds, and similar financial products do not always follow the will, but the beneficiary designations on file, so those must also be updated after events like divorce. The key message is that a will should be checked periodically to ensure it reflects current wishes and reduces future disputes.

Read the original at Ynet
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