Many people breathe a sigh of relief after writing their will. Deciding where the contents of your estate should be distributed can be stressful, but it’s vital to have a will in place so that your wishes are carried out accordingly. By failing to make a will, you are in danger of dying ‘intestate,’ meaning the people you wish to benefit from your estate could end up empty handed.
Over half the UK population have not prepared a will.
For the individuals who have already completed their will, there are increasing pressures to keep it updated, as an array of factors may impact the way in which you would like your estate to be assigned.
Here are five reasons why it is important to keep your will up to date:
- New Beneficiaries
If a birth or adoption has taken place to a child or grandchild, many people would like to ensure that the latest addition to the family receives a part of their estate. Recent family births are not automatically added to an estate and without this information confirmed in a will, these wishes may not be fulfilled.
Individuals can also appoint legal guardians for their children in a will, guaranteeing they grow up in safe and familiar surroundings in the event of their passing.
- Wedding Bells
If you have written a will before you are married, your will is considered invalid after you tie the knot. By failing to write a new will during wedlock, the risk of passing away intestate arises, and your assets may not be distributed to plan.
In the event of a divorce, your former spouse will be unable to receive anything from your will. However, if you would still like them to receive a share of the estate, you will be asked to amend the will and state this information.
- A Death
You should review your will if any of your intended beneficiaries have died before you. This enables you to remove them from the will and give that persons share of the estate to another individual of your choice.
You will also be required to appoint a new executor if the person that has passed away is a named executor on your will.
- Changing Rooms
When somebody moves to a new home, the new address and contact details should be noted in the will. A growing number of people are also leaving information about their ‘digital assets.’ These often contain login information to social media and email accounts.
If you have been fortunate enough to receive a windfall or inheritance of your own, it is necessary to modify your will so that it is up to date. If your increased assets are not accounted for in your will, it could be difficult for them to end up in the hands of the people you want.
Josh Cousens | Inheritance Data.