Death is a topic that many people prefer not to think about, but it's important to plan for it. One of the best ways to do this is by creating a Will, which outlines how you want your assets and estate to be distributed after you pass away. However, creating a Will is just the first step. It's equally important to keep your Will up to date with your current life circumstances. Here's why.
Life changes all the time. You may get married or divorced, have children or grandchildren, start a business, acquire new assets, or move to a new location. All of these events can have an impact on your Will. For example, if you get divorced, you may want to remove your ex-spouse from your Will. Or, if you start a business, you may want to include it in your Will and specify how it should be managed after you're gone.
If you don't update your Will regularly, there's a risk that it may no longer reflect your wishes. For example, if you leave your estate to your spouse in your Will, but you get divorced and remarry without updating your Will, your ex-spouse could still inherit your estate. This is because the legal system assumes that your Will reflects your most recent wishes, even if it's out of date.
Updating your Will may seem like a daunting task, but it's actually quite simple. Here are some steps you can take to ensure your Will is up to date with your current life circumstances:
Review your Will regularly. It's a good idea to review your Will at least once a year, or whenever a major life event occurs.
Consider using an expert service. A company like East Sussex Wills can help you update your Will and ensure it's legally valid.
Be specific. When updating your Will, be as specific as possible about your wishes. This can help avoid confusion or disputes among your loved ones after you're gone.
Store your Will safely. Make sure your Will is stored in a safe place, such as our online storage services. Inform your loved ones where it can be found, so they can access it when needed.
In conclusion, creating a Will is an important step in planning for the future, but it's equally important to keep it up to date with your current life circumstances. By reviewing your Will regularly and making updates as needed, you can ensure your wishes are reflected accurately and avoid any unintended consequences. Remember, it's never too early to start planning, but it can be too late.