Is it time to review your will?
For many people, the thought of writing a will doesn't exactly fill them with excitement and it's something that is often put off with a view to sorting it out in the future - but of course, when it comes to writing a will there really is no time like the present. Writing a will should in fact be something that puts your mind at ease, allowing you to live your life in the knowledge that should the worst happen, your estate will end up where you choose and your loved ones can be looked after.
It's important to note that no matter your age, making a will doesn't mean you've ticked something off the 'to do list' for the rest of your life. It's highly advisable to review your will every once in a while - say every 5 years or so - or whenever something significant happens in your life that could effect what you would like in your will.
Significant life events may signal a change to your will
Significant happenings in your life could include a marriage or divorce, or the birth of children or grandchildren. It could be the unfortunate passing of someone who was named in your will, or perhaps you've inherited money yourself or sold a business and would like to review your will to ensure it still reflects how you'd like your estate to be shared among family. Whatever the reason may be, it's vital you make sure that the will remains valid and current to avoid any potential issues upon your passing.
There are things that can impact the validity of a will that many are unaware of, resulting in a huge number of people having a will written years ago that are today rendered not valid. For example, did you know that when you get married, it automatically cancels any will that you may have previously had professionally written and put in place? This could be significant to any family members who were written into that former will that is no longer valid and highlights the importance of reviewing your will following any significant changes in your life.
Perhaps you wrote a will many years ago which includes a then close friend or neighbour who you are no longer in contact with? Or maybe at the time of writing the will you chose to leave your estate to friends or other family members, whereas the more recent birth of your children means it would now be more appropriate for you to re-write your will so that you leave it to them?
No will or an invalid will could pose a significant problem
A will protects your most important assets, whether financial or sentimental. Without one, inheritance matters can prove extremely complicated and may not pass to those who you would choose, not to mention the added stress and potential tension it may create between your surviving loved ones during a time that would already be very difficult for them.
Would you like to discuss the writing of your will or is it time for you to review an already existing will? If so, our knowledgable team of family solicitors here at Fonseca Law are here to offer our expert advice and professional legal services. Contact us by calling 01495 303124, e-mail firstname.lastname@example.org or complete our online contact form.