A will is how you specify what you want to happen to your assets after your death. It is therefore very important to review and update your will to make sure that it remains relevant to your circumstances, so that it properly and fully records your wishes and that it is suitable for your financial situation and family composition – both of which are likely to change over time.
Why you should keep your will up to date
Regularly updating your will ensures that there is a record of your decision-making as to what you want to happen to your assets when you’re gone. It could protect your intended beneficiaries if someone wants to challenge your will and make a claim on your estate.
A will prepared many years ago may be valid, but significant periods of time often incur significant life changes. That could mean that someone important may be excluded from receiving assets from your estate.
That may not be the case, but it would be clear to show that you chose not to do so by you having an up to date will.
Events which invalidate existing wills
As well as dealing with finances, those with children need to think about who they would want to appoint as Guardian for them, a decision which should be considered routinely.
Having a current will can mean that you can name executors, who can manage your estate for you, exactly as you would wish them to, in the event of your death.
Updating your will gives you the ability to set out your current wishes as to the people and organisations that you want to benefit from your estate, and making the situation for those close to you as easy to deal with as possible.
Want to speak to experts about your will today?
At Howells, we specialise in providing a friendly, knowledgeable service around wills and probate. Whether you need up updated will, or want to make provisions for your loved ones, we can help. Enquire online above today or call 0370 224 5605.
(Image: Ken Mayer under CC BY 2.0)