February 22, 2017
It’s scary how many people write a will, forgetting that every time something significant happens in their lives it is important to update it. There are many times in your life where this is required. It can be a common mistake to make, but an important one all the same. You may think it seems like an annoyance, or a task that you simply don’t have time or the money to do, but it can save a lot of heart ache and problems for your loved ones in the future.
Reasons to Update Your will
- Marriage and divorce
- Birth or adopting a child
- Death of family members or beneficiaries
- Your chosen executor can no longer serve or has possibly passed away
- Your children are no longer minors and can deal with financial matters
- Considerable Changes to your estate and assets
How do I update my will?
When it comes to updating your will, there are two ways of doing so; First, you could prepare a new will, signing it to revoke the earlier made will. Or you could write a codicil to the already existing will. This is a separate document that can add provisions to the will you have already written. It simply needs to be witnessed and signed just as your will was, to make it valid.
You can change anything in your will using a codicil, from a single word to several sections. But a codicil is often best used for smaller changes, as they can cause complications in the event of your death. Sometimes if you need to change several things in your will it is better to rewrite your existing will, especially as sometimes codicils can sometimes manage to get lost.
If you are going to rewrite your will, there are a couple of things to look out for. Ensure that you’re revoking any old wills and codicils. As well as this, you need to make sure you destroy any copies of your old will and tell your executor where your new will can be easily accessed for when the time comes.
Bespoke Support Network aims to provide advice to businesses and individuals alike, everything from financial planning to wills and probate. For more information and help with your business needs, call us today.