A Guide to Updating a Will
A will is a legal document that outlines your wishes upon your passing. You might have assets you wish to pass on to specific family members, a charity to donate to, or dependents who might need care. A will can express these particular desires and give your family clarity during one of the most challenging times of their lives. However, once your will is written, it’s essential to keep it updated.
How Frequently Should You Update Your Will?
If it has been several years since you’ve thought about updating your will, now might be the time to think about what’s changed in your life. You might have had children, relationship changes, or even bought or sold significant assets.
The frequency of updating your will can depend on how many changes have occurred in your life. Some people need to update their will several times in a short timeframe. In contrast, others can go several years without making alterations because their desires and financial situations have not changed.
Why Is It Important to Update Your Will?
It’s easy to assume that you don’t need to do anything else once you’ve created a will. After all, you’ve expressed your wishes and don’t believe they will ever change.
However, many life events can change how you feel, and circumstances can see some people listed in your will as no longer suitable for your situation. For example, your power of attorney might not be in a position to hold that important title, or the heirs of your will have passed.
You might have even lost or gained a significant amount of wealth and want to make sure your will reflects that. Failure to update your will with the help of a solicitor to consider these considerable life changes may have family and friends questioning the validity of the rest of the legal document.
What Should You Include in Your Will?
Research has revealed that almost two-thirds of UK adults don’t have a will. Sometimes, unfamiliarity with the process and not knowing what you want to do with your assets can be why many people haven’t taken the time to create one. Before you contact a family solicitor to start the will creation process, consider these important additions:
- Gifts to leave for specific people
- Guardians for children and pets
- Executors to administer your estate
- Funeral arrangements
- The distribution of your assets
These are among the most crucial considerations, and your chosen solicitor can provide helpful information on other essential details to include.
When Should You Make a Will?
There is no singular perfect time to create a will. Some people decide to do it as soon as they purchase their first home or get married, while others wait until they have dependents, wealth, or both. Many estate planning experts recommend creating a will as soon as you have specific wishes for something you own or are responsible for.
Updating a Will with Caversham Solicitors
If it has been some time since you thought about your wishes, now might be the right time to start. Talk to one of our family solicitors today to organise your will or if you have any further questions.