I have an updated document. Should I create a new record?

No — update the existing one. Creating a second record leaves your family with two versions and no clear sign of which is current.

Click the ⋮ menu on the record's card, choose Edit details, update anything that's changed, and use Replace on the attached document to swap in the new file. One record per real-world thing, always current.

This is how you handle a renewed policy, a re-signed will, or a refinanced mortgage.