One of the things often overlooked when going about your daily business, is the importance of updating your will. Realistically, you should aim to review your Will at least every three years to reflect any changes made in your relationships or circumstances. It may be when you read through it you find that nothing needs to be changed, and no further action needs to be taken. However it is very easy to make a change in your life and forget it impacts on your Will. So we advise periodically revisiting your Will and seeing if anything needs amending.
The most common reasons for updating a Will are:
- The birth of a child
- Marriage
- Divorce
- The death of a beneficiary
- The death of an Executor
- A large change in financial circumstances
- The death of a nominated guardian
- A child reaching 18
Any of these reasons, if not reflected in your Will, could result in the delay of your Estate being settled, bringing forth a legal nightmare for family and friends. It is extremely common for people to prepare a Will, yet haven’t looked at it since it was drawn up.
If the worst happens and you are diagnosed with a serious illness, you should also see this as a timely reminder to check your Will. Then you can notify everyone concerned of its whereabouts and which professional you have chosen to oversee Probate.
Changes will make reference to the original document, clearly showing that the new version supersedes any other version. So if the changes are minor, a codicil may be all that is required to confirm your intentions. A professional Will writer will charge only a nominal administration fee to change details and can advise on any new situation.
