Reasons to Update Your Will
If you have a will, first of all, we’d like to congratulate you. Many in the UK put off making one, either because they haven’t got time or simply don’t want to face the prospect of one day not being here. A will is a legal document that details how you want your assets to be disposed of and who should receive what when you pass away.
What most people don’t realise, however, is that it’s not a document that’s written in stone. You have the option to make changes and it pays to review your will every so often There could be many different reasons why you would want to do this:
1. Changing Relationships With Your Family and Friends
There can be any number of things that alter over time. You might have changed your mind about leaving your expensive watch to an old friend, for instance. Someone in the family who you had bequeathed something to might have died before you. Maybe there are new additions to the family and you want to alter your will to leave something to grand children or nieces and nephews. Perhaps the person you nominated as executor for your estate no longer wants that responsibility so you have to find someone else.
You may also have changed legal status such getting married and need to amend your will accordingly. You may have written the will while your children were young but now that they’re grown up you want to change a few things.
2. Changing Assets
Another thing that can change over time are the assets you own. Property and money may have come into your estate or left it. You might now have a larger house, for instance, and want the money from its sale to be distributed more widely. Perhaps you’ve inherited money and want to formalise your wishes in this respect.
3. You Simply Changed Your Mind
There can also be a variety of reasons why you’ve changed your mind about what you are leaving and who you are leaving it to. You might, for instance, decide that you want to leave provision for a charity in your will. It’s okay to change your mind and revise your will – you can do it whenever you like.
4. Your Will Was Poorly Drafted
You don’t need to go to a solicitor to have your will made but it certainly helps avoid confusion if you do. Poorly drafted wills can make it difficult for executors to carry out your wishes. If you think this is the case it might be a good idea to get some legal advice about the correct wording and make sure your assets are going to the right people.
At Forster Dean we offer a full will writing and update service as well as probate, power of attorney and estate management services. Our friendly team will be able to sit down with you, go through your existing will and update it as and where you need it. Contact us today if you would like to know more.