We all know just how important it is that you have a will in place for when you pass away, as this means that your loved ones will know exactly what needs to be done with everything that you own. With this in mind, you may well have taken the decision to make your will, and will almost certainly feel satisfied with yourself that you have taken that step. However, simply making your will isn’t enough, and you should try to update it at least every 5 years. There are a few reasons that this is the case, and a few of these key reasons are outlined below.
You have broken up with a long term partner
Depending on how your will is written, simply breaking up with a partner might not be enough to stop them from inheriting when you pass away. For this reason, there is a lot to think about when you have been through a break up, and you should always ensure that your will is kept up to date in this respect. It may also be helpful to add a note that you were once together but have broken up, as there is always the chance that a will could be contested at a later date.
You have more children
If you have specified certain items or amounts of money to be given to your children after you pass away, this is something that you will need to think about if you have more children. This means that they wouldn’t be left out, and that they would be provided for. You should also make sure that any stepchildren are written directly into the will if you wish to leave something to them – as they almost certainly won’t be given anything automatically.
Your financial situation changes
The more you have to leave, the more complicated things can be, and this means that you should update your will to be more specific about what you might like to leave to your loved ones. This could be something to consider if you inherit a lot of money from a relative yourself, or if you have a lottery win, or if there are other assets that you hadn’t previously considered. Any change in your situation could mean that there are differences with regards to who gets what, and it is important to think about these things as far in advance as you can, as this means that there will be fewer issues for your loved ones further down the line.
In general, although it is good that you have written a will, one that is out of date could be just as much of an issue as not writing one at all, and because of this you should always take the time to make sure that everything is in order, and exactly as you would like it to be. This is an important consideration, and one that you will be glad you made.