When Why & How to Update Your Will?
When Should You Redo Your Will?
Top Reasons to Update Your Will Today.
How to update your Will?
How and when should you amend your Will?
Given the sensitive nature and the objectives for which Wills are executed you may desire Nexgen to have a second look. Both from an option point of view as well as a suggestive point of view.
Why Will Validation?
If you already have a Will, have you looked at it lately? Changes in circumstances and in the law need to be considered.
Will is one of the most important documents that you will sign in your life. It states whom you would like you’re valuable as well as sentimental assets to be passed onto after you, in addition to specifying your other wishes. It is extremely important for your Will to be free of any loopholes that may give rise to disputes and legal battles over your assets or cause your assets to go into the wrong hands.
Changes to Your Family
Families change through the years and it’s important that your will addresses your most current family situation so that you include everyone you want and exclude people who may no longer be part of your family. If you got married or entered into a relationship with a committed partner after your will was written, you will probably want to update your will to include that person, or perhaps to specifically exclude them so there can be no confusion about your intentions.
If someone you named as a beneficiary has died since you wrote your will, this is another reason to update your will. Your family may have grown, with children born or adopted into the family, new grandchildren, or the addition of stepchildren. It’s your choice if you wish to include them as beneficiaries, but either way you’ll want to update the will to be clear about your choice.
You may also wish to rethink whom you have named as guardian if you have added children to your family or the guardian you previously chose is now deceased.
Changes to Finances
Your financial situation changes throughout your life and this kind of change is another important reason to update your will. If you have increased your wealth, you may wish to reconsider how much you have left to each person and perhaps consider charitable donations. If there has been a downturn in your finances, you may also want to reconsider bequests. If you have acquired specific items since your last will that are valuable or meaningful, you may want to designate to whom they should go. If you’ve since sold or given away property that is listed in a bequest in your previous will, a new will remove any confusion. If you’ve moved into or out of a country, you also will need to change your will to reflect the laws in those countries. The creation of a trust (including a living trust) for some or all of your assets will also impact your will, so you will want to revise your will in that situation as well.
Change of Executor
The executor of your will is the person you designate to handle the job of probating your will and distributing your assets to your beneficiaries. If the executor named in your previous will is deceased or is no longer mentally capable of handling the task, it’s time to write a new will and name someone else. Many people name their spouses as executors so if you’ve divorced, this is another reason to create a new will. You should have an alternate executor named in your will and if that person is deceased or no longer capable, you need a new will. You may also find yourself in a situation where you chose a friend as executor but you have drifted apart or are no longer in touch. This is another reason to create a new will.
Change of Heart
The decisions you include in your will are yours alone, so you can change your mind at any time. Maybe you think one of your beneficiaries no longer needs the money; write a new will and give him or her less or nothing at all. Perhaps you have become involved with a charity that is very important to you. Create a new will and set up a bequest to that charity. Your will should express your true wishes, so if your wishes change, so too should your will.
So, by getting your will reviewed by us you:
How to Change your Will?
- Check that your Will still meets with your wishes.
- Make sure your Will is legally sound.
- Peace of mind about protecting your assets for your loved ones.
If you would like to create a new will, there are several steps you should take.
First of all, be aware that you cannot make changes directly on an old will. Crossing things off or writing things in on an existing will is not legally valid and those changes will not be implemented by the court. If you want to create a new will you should think about what your wishes are then have them clearly expressed in a new document.
The new will should be in the correct language and should express what bequests you are making to specific people, groups, or charities. Execute the new will in proper format according to law (this includes signing it and having it witnessed, normally with at least two witnesses as well as stating you are of sound mind when you created it). It is also important that you revoke or destroy previous wills. You can do this with a statement in the new will stating “I revoke all previous wills executed by me” or you can simply destroy every copy of a previous will.
It is also possible to change your will by writing a codicil to it, which is basically a written addendum that is properly signed and witnessed according to the law. The rules for a codicil are the same as for a new will. It must be signed according to the law and witnessed by at least two witnesses. When you write a codicil, the terms of the original will remain intact and you add or change specific things in the codicil. In general, a codicil is not a good idea because it can be confusing and can get separated from or purposely detached from the original will. In general, it is clearer and simpler to create a brand new will to be sure your wishes are carried out.
Nexgen has a team of experienced lawyers and Will writing specialists who will read, understand and analyze your Will and taxation circumstances to ensure that your Will is valid, free from any loopholes and will ensure the most tax efficient disposition of your assets.
How does the review work?
Contact us and a NexGen Estate Planner will:
- Send a copy of your Will to us.
- We will review your Will.
- We’ll make comments and suggestions.
- Our Will Review Reports are very comprehensive.
If we find you need to make some changes, we will let you know and then you can decide what to do. If you proceed with a new Will the charge for our review will be deducted from the final cost.
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