After the worry of the last year, times may seem uncertain. People’s introspection and evaluation of societal conditions has led many to make arrangements for the future of their nearest and dearest.
For those who have an existing Will drafted by their family lawyer, making sure it is up to date is essential in making sure that those close to you are covered during times of crisis. While it also outlines the distribution of assets after the Will author’s death, it is a legal way of cementing this.
Thinking about the inevitable may be hard for many, and rightfully so. However, there are certain things you need to be practical and realistic about and a Will is one such element.
If you’re unsure about how it works, here’s a short guide that might help you.
What Does A Will Cover?
A Will essentially allows you to instruct how your belongings and assets will be distributed. This includes bank balance and funds, investments, property, prized possessions and other materialistic items that you own. Additionally, it also covers any commercial ventures and investments.
If you have a well-established business or perhaps a franchise, there may be possibilities of future disputes about who will take over after you. In such cases, your family attorney can ensure that things proceed the way you wanted them to, avoiding conflicts amongst your family members and close friends.
However, after the Will is initially drafted, there’s a high possibility that there may be changes to the assets listed down.
Whether it is additional belongings or removing materials that have been lost, if your Will is not up to date, the materials not included in it will fall into a grey area that would’ve to be fixed internally or legally.
Why Should I Keep My Will Up-To-Date?
Every person has changes in their lives that may have a significant impact on them. Be it in their personal lives or perhaps due to some external factors, we’re always unprepared about what might happen in the future.
That said, here are a few reasons why you may have to update your Will –
1. Change of Residence
Whether it is moving to a different apartment or an entirely new place, many people have a change of residence at some point or other in their life. Since your drafted Will has your old address, it is important for you to make the necessary changes and update it.
Additionally, it is possible that your old and new state may have different rules regarding factors like the number of witnesses or certain clauses. In such cases, the legal work may be tricky and your family solicitor may have problems in getting those cleared out.
2. Difference In List Of Possessions
The number of possessions owned as stated in your Will may likely have changed over time. Whether it is downsizing or the addition of new things and materials, your Will needs to accurately reflect what you wish to legally assign to someone else.
If you’ve lost some of those, the recipient of that material will be left empty-handed. However, if you have more prized possessions that haven’t been included, after your death they may be taken away by the wrong people.
3. Financial Situation
From the richest billionaire to the poorest person, everybody has a change in their financial situation that affects their daily lives. Be it small or drastic, changes in finance is always something that needs to be looked at.
After drafting your Will, if you have faced any losses or profits that have changed your financial situation altogether, it may have an impact on its elements. This makes updating your Will important, as it ensures that the funds are given to those whom you want to and not taken away by unwanted people.
4. Change In Beneficiary
Many times, a person listed in your Will has passed away or severed relations due to certain reasons.
Now in certain cases, many people wish to redirect the assets distributed to them to other beneficiaries. Through an update, you can ensure these changes correctly distribute the assets.
Moreover, you’ll also need to add alternate beneficiaries and give proper instructions as to how the process needs to be handled.
To Conclude
Ideally, updating a Will when you’re in a sound mind will ensure that things go exactly the way you want them to. While this may be hard for certain people, it’s an essential step that makes sure your loved ones are taken care of after you’re gone.
By keeping your Will up to date, you cover all your belongings and legally commit them to your desired recipients.
