“This Used to be the Future” – Wills and Reviewing the Past
Most people think of their Wills as something that happens in the future. Delaying the process can impact negatively on loved ones should anything happen. The future arrives far quicker than any of us anticipate!
And those who have written their Wills believe it’s a good job well done. However, time moves on and circumstances are ever evolving. Even our nod to The Pet Shop Boys title song suggests what was the future we must revisit “And make a new start all over again”.
One of the biggest misconceptions is that a Will is a static document. Life moves on in so many ways, that frequently what was accurate 10 years ago, 5 years ago, 1 year ago is no longer as on the money as it once was. Intrinsically as families develop, grow and change so do the requirements of a Will. But how many people consider the changes that affect Will Writing and review their Will accordingly?
Various things impact on the accuracy of a Will. A very major consideration that is often overlooked is that in the event of Mirror Wills being written what happens should an Executor or Beneficiary of your Will die. This really requires a Will Review to update existing requests.
Another major influence that should prompt a review is getting married or entering into a civil partnership as this automatically cancels any Will that was in place. Unless the Will was written in anticipation of such an event, everything within it is no longer viable. The reverse is true in a divorce, where unless a Will is rewritten the divorce does not cancel out a Will written during the marriage.
Moving home or buying additional property seem common place, however if your old property is written into your Will but you have sold it with no mention of the new residence it can become very complex and costly when it comes to executing the Will. Such changes should always prompt a revisit to your Will.
The arrival of children is a wonderful time in a family’s growth but often overlooked in the impact on a Last Will and Testament. Providing security for children and ensuring their welfare is ensured are vital aspects of a Will Review. Providing financial security is not the only consideration, in the case of minors, parental responsibility needs to be established for your children’s protection and a parent’s peace of mind.
As we grow older we may consider our grandchildren and have specific wishes for them. Will Review? Yes indeed. Then consider changes to assets such as inherited monies/property, matured investments or new car purchases. Such large financial assets are all relevant to a Will and reviewing the document to ensure specific wishes are followed can be vital to avoiding family tensions.
So now is the Future and now is the time to review your Will! Bring it up to date and protect your family. For a personal, professional Will Writing service with over 20 years experience, contact Langham Wills Ltd on 01473 487611, email us at email@example.com or visit our website www.langham-associates.co.uk