How Often Should You Update Your Will? Posted by The Probate Bureau , 04/02/2020

How Often Should You Update Your Will?

Making a Will is one of the most important things you can do in your lifetime. Dying without one can lead to all manner of issues and you won’t be sure that your assets will be passed to who you intended.

But it’s important to realise that your Will will require a level of maintenance throughout your lifetime.

 

What Is A Will?

It is a legally binding document that indicates how you would like your assets distributed after your death. It can also include provision for any children who have not reached 18.

You can produce your own Will, but as it is such an important document, it is recommended that you employ the services of a professional who will ensure that all the 'i’s are dotted, and 't’s crossed.

If you fail to make a Will, or it is not legally valid, you will be regarded as dying intestate and you will have no say over who receives what from your estate. So, if you had a gold ring that you wanted to gift to your goddaughter, sadly she won’t get it.

 

Making Your Will

Now you understand the importance of making a Will, the next step is to think about your assets and what you would like to happen to them upon your death. It may be as simple as leaving everything to your partner, or you may have specific items that you want to gift to your children or friends.

Speak to us, as we can guide you through the process and ensure that all bases are covered. Nobody wants to think about their loved ones arguing over their possessions after they’ve gone.

 

Keeping It Up To Date

Unfortunately, that is not the end of your involvement in your Will. Circumstances change. You may divorce, remarry, have another child, fall out with the best friend you had planned to leave your CD collection to.

And because we never know when our time will come, it’s vital that your Will is kept up to date.

Speak to us about making amendments to your existing Will, called a codicil, but, depending on the circumstances, it may be necessary to prepare a new one from scratch. Remember, if you do write a new one, it should state that it revokes any previous Wills or codicils. And you should ensure the old one is destroyed, and the executor knows where the new Will is.

It is understandable that if something significant has happened in your life that updating your Will may not be uppermost in your mind. Maybe keep a note in your diary to revisit your Will each year. Chances are it won’t need changing, but if it does, that annual alert will ensure you keep it up to date.

If we can help, give us a call on 0808 273 6694.

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