Life is a process that implies certain accomplishments and stages, and every stage is characterized by certain duties. One of the major tasks is to guarantee that your final will and testament is properly recorded. It is important to review your will from time to time because the circumstances of your life change from time to time. With the help of professional legal consultants like those at watermans.co.uk, you can be certain that your estate plan is up to date and legal.
The Importance of a Will
A will is a legal instrument that determines the manner in which your property will be divided after your demise. It gives your loved ones assurance and direction, to avoid argumentation and guarantee that you are given your wish. That is why it is important to have a will because if one dies without a will, the state will partition the assets according to their own discretion.
Major Life Changes
It is advisable to review your will in cases of major life changes. These can change your status and those close to you in the worst way possible, as one can lose everything in the blink of an eye. Below are some of the major life events that call for a change of your will.
Marriage
Getting married is a happy event that unites not only two people but also their money and property. It is crucial to review your will after getting married to include your spouse in your plan to distribute your wealth. This update can show that you both own property and list any special items you would like to leave to your partner.
Divorce
Divorce is yet another crucial stage when it is advisable to change the will even though this process is not easy. If you no longer want your ex-spouse to benefit from your will, then it is necessary that you change this. If this is not done, there could be an undesired windfall for the ex-spouse and increased confusion in the probate process as well as distress to other heirs.
Birth of a Child
It is a profound change when a new child comes into the family. Generally, it is necessary to revise the will and add new clauses concerning your child’s future. This involves providing for the naming of guardians and creating trusts through which the inheritance will be held for the children until they are legally competent to handle them. Such updates guarantee your child is taken care of in the way you desire.
Changes in Financial Status
Our financial position changes from time to time because of factors like promotion at the workplace, investment, or even inheritance. Any major changes in your financial position, means that you should review your will to ensure it is up to date in terms of the property that you own and how you would like it divided.
Acquiring New Assets
Buying large items like a house or an enterprise requires a change in the will. This makes sure that these new acquisitions form part of your estate planning so that there are no legal issues in the distribution of the estate to the beneficiaries.
Selling Assets
On the other hand, the disposal of large assets involves altering your will to exclude or change the distribution of those assets. This is helpful to keep your estate plan simple and avoid confusion on the disposal of assets that may be out of existence.
Changes in Relationships
People change and so do their relationships with others, therefore, the will should also change. This includes situations where you have fallen out of a friendship, or even when you have entered a new, serious relationship – these changes need to be reflected in the will so that the wishes of the person in question will be respected.
Death of a Beneficiary
In case of the death of any beneficiary, a change of your will is inevitable. This means that for those beneficiaries you will need to redistribute the assets that were earmarked for them to other beneficiaries or identify new ones.
Regular Reviews
However, it is recommended to check your will from time to time, even if there are no major changes in your life. It is advisable to review your will from time to time so that it reflects your current state and the changes you want to be executed after your demise.
Annual Check-In
It is recommended that you review your will at least once a year and see if there has been any minor amendment over the year. This way, your will is always up to date since the lawyer is always working on it proactively.
Professional Advice
It is recommended occasionally to take the advice of legal practitioners to understand any changes or modifications that may be required in your will. Experts can assist in dealing with a lot of legal and financial issues to make sure that your estate planning is effective and up-to-date.
