Creating a will is the first step to ensure that your hard earned assets will go to the right people when you die. If you do not have a will yet, get it as soon as possible.
The good thing is you don’t need to burn a huge hole in your pocket to hire a solicitor to draft your Will for you, as you can create one yourself. For that, all you need to do is to type how to make a will at home into the search engine and read all the related information in detail from a reputable source.
But if you feel it’s a little complicated to do it yourself, we suggest that you get it done with the assistance of legal professional. . However, creating a Will is not enough to secure your family member’s future.
Laws and circumstances can change anytime leaving your Will outdated. To make sure you have an up-to-date and latest will keep examining it at least once in a year and put the Will in context with your estate plan and accounts.
Below are the ways to determine if you have an outdated Will…
1. Review your assets
If you the assets that you once owned and are listed in your Will, are no longer yours, it’s for sure that your will is outdated. When you don’t own an asset any more that is mentioned in the Will, the beneficiary of those assets will get nothing. So it’s essential that you check the list of your assets time to time and make changes accordingly.
When you sold any of your assets, be it home, jewellery or anything else, you might not have thought of the Will, but it does have a connection with it. Similarly, if you have bought something recently, do not forget to add it in the Will along with the name of its beneficiary. Otherwise, the beneficiary of your rest of the assets will get the unnamed assets and vinyl collection too.
2. Check the Beneficiaries
The people you nominated in the Will are as important to be reviewed as your assets. It’s not necessary that you have the same people in your life and they are as dearest to you as they were a long ago. For example, when your marital status changes and when you have kids, your wife or husband and kids become the dearest to you.
Similarly, your beneficiary would change when you get divorced. Of course, you would not like your ex-wife or husband to own your property after you. Apart from all these cases, some of your family members might not be with you any more. So it’s important to make sure that all your beneficiaries are alive and are dearest to you.
3. Meet an estate planning attorney
Although it’s not necessary to visit your estate planning attorney every year to get your Will updated, some changes in the law and regulations can affect the operation and execution of the Will and cause a few bequests to fail. These changes could be the updated laws by the government or update in the use of the language in a Will by the court to name a few.
In such a situation, an experienced attorney can help you know the recent changes in the law and can amend your Will accordingly. You can also contact an attorney over a fixed period that is not too long or not too short for example once in three or five years.
But make sure you are not missing out on a visit to the attorney after important and significant moments of your life for example after getting married, having kids or getting divorced.
4. Review your executors
Being an executor is an important responsibility. You have to make sure that your executor is not only alive but also willing to take on your case. He or she could be a resident of the state where your Will is probated.
In case, the person you have chosen moves to a different location, you have to search for and name a different person. But the good thing is you don’t need to review your executor every year, you can do it periodically.
Your latest Will will not only help your dear ones live their life without depending on others but also give you the peace of mind that your property will go in the right hand after your death.