Saturday, January 14, 2012

Do You Need to Update Your Will?

You will often hear about the necessity to update your Will, but do you know precisely what change in circumstances would mean that you should have it amended? Our lives change regularly, often dramatically, yet often, changing our Will is the last thing on our minds. The list below is designed to give you some guidelines to prompt you when you need to contact your Will writer.

* Has your marital status changed? Many people now marry more than once, and later in life. If you have remarried since your previous Will, your old document won't be of any use unless you inserted an 'anticipation of marriage' clause. This would then allow the Will to stay valid. The same applies to a recent civil partnership ceremony.
* Are you separated or divorced from a partner? Do you realise that in the event of your demise in this current situation, your former partner will remain your principal beneficiary unless you update your Will?
* Have any of your children been married or have you had any new children, adopted or otherwise? Have your children had children? If any of these circumstances apply, you should update your Will if you'd like any of these new children to also benefit from your Estate.
* Has your actual Estate changed? Do you own more or less than originally stated? Have you perhaps sold anything that was included in your Will?
* Did you name any of your friends as beneficiaries? Are you still friends with them or are you no longer in contact?

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