4. Review the beneficiaries named in your will
Question & Answer
When should I update my will?When you make a will, you decide who gets your property after you die. For example, you might want to leave property to:
- a or
- your children
- other family members like a grandchild, niece, or nephew
- non-relatives like a friend or neighbour
- organizations such as charities or other public or private organizations
The people and organizations you leave your property to are called your . Over time, you may want to change them.
It’s a good idea to review your will to see if there are beneficiaries you would like to add or remove.
Also review your will to see if a beneficiary has died or an organization has closed down. You need to think about what you’d like to happen to that property. For example, decide if the property goes to the beneficiary’s children, to someone else, or back into your . If you don’t say what happens, it becomes part of the of your estate.
