With Christmas just around the corner now is a good time to check that your Will is valid and up to date.
Creating and updating a Will is not just about dividing up your assets; it is an essential step in ensuring that your wishes are respected and your loved ones are taken care of.
Why is a Will Important?
- Ensuring Your Wishes Are Honored: A Will offers a plan for the distribution of your assets.
- Protection for Minor Children: If you have children under 18 years, you can name a guardian in your Will, ensuring they are cared for by someone you trust.
- Avoiding Prolonged Legal Battles: Disputes over inheritance can be both emotionally and financially draining. A clear and valid Will reduces the risk of disagreements among your loved ones.
- Peace of Mind: Knowing you have a plan in place can offer immeasurable peace of mind not just for you, but for those you leave behind.
The Value of Keeping Your Will Updated
While drafting a Will is a significant first step, it is equally important to ensure it reflects your current situation and wishes. Life is filled with changes, some expected and others not, which can significantly influence how you would like your assets to be distributed.
Here are a few scenarios for when your Will should be reviewed and potentially updated:
- Marital Changes: Did you know that when you get Married, your previous Will is automatically revoked? Whether you’ve recently married, divorced, or lost a spouse, these changes significantly influence how your assets should be allocated.
- Birth or Death: The addition of a new family member, such as a child or grandchild, or the loss of a loved one, can reshape your priorities and distribution plans.
- Acquisition or Disposal of Significant Assets: Purchasing a new home, starting a business, or selling a significant asset can necessitate adjustments in your Will.
- Revisiting Appointees: Over time, you might want to change the executor of your Will and/or, guardians for your children.
A Will is not merely a document; it’s a reflection of your wishes. Creating a Will and ensuring it remains up-to-date is important for safeguarding your wishes, and offering clarity to your loved ones in uncertain times.
Contact the team at Timpany Walton to discuss making or updating an existing Will.