For some people it can be difficult to discuss wills as it brings up issues around money and death, both things people don’t like to talk about. However it is important because there are situations where you may need to update it in order to ensure that people know your wishes and to check that everything is in place. In this article we will look at situations when you may need to update your will and why.
An obvious example of this is if you have a child. Aside from writing in provisions for them in your will there is also the issue of guardianship in the event of you/you and your partner dying. Again while this is not an easy subject to bring up this is important in order to ensure the welfare of your child.
Sometimes a potential heir may die before you and this will also need to be updated as well.
Change in circumstances
If you sell a business for a lot of money or you have inherited a house, land etc then this can mean what you wrote before needs updating. For example you may choose to have your money in a trust or you may need to look at potential issues around inheritance tax before deciding who to pass a major asset on to. You may also want to support a charity that you have recently become passionate about.
Of course the opposite can unfortunately happen so in this instance you may have to adjust the amount of what is passed on.
While this may sound odd this is a very real thing- some people act in anger during a disagreement with a family member and may write them out of their will as a statement. It may sound obvious to say take a moment and think before doing something impulsive that may damage your relationship with your family but this is worth emphasising!
Make sure it is binding
There are a number of sites where you can download templates or make wills yourself. Where this can cause problems is how the will is worded and any misinterpretation can result in someone missing out or disagreements over what you originally intended.
This is why it is important to review your will every few years or so as this will give you the chance to gauge what you want to leave and how you wish to do it.
Furthermore a will can be a good way of sending messages onto your loved ones as well- while passing on material goods and assets is great letting your family know how you feel about them or giving them advice for the future can be something they will value as well.
As you can see there are a few issues when it comes to writing a will. This is why it helps to have a legal professional with extensive experience who will be able to work with you and allow you to decide what you want to do and how you want to do it.
For more information on how we can work with you on writing a will that works for you and your loved ones please contact us today.