Will Storage with Updates
Now your Will's been written
It is easy to think that once a Will is written, you never have to go back to it. This is, however, a mistake as there are many things that have the potential to invalidate a Will.
Changing and updating your Will is something you should do regularly at least every five years is recommended.
Here are a few occasions when you should review your Will.
It is possible to write a marriage into a Will before it has happened, using an additional clause featuring the name of the soon-to-be spouse. After tying the knot is a time that your plans will need to be reviewed but if your Will has been written with the intention of marrying then at least you can enjoy your wedding knowing that everything is covered.
Births or Adoptions
Updating your Will should be considered when there are any additions to the family. An essential thought is to put guardians in place for any children under the age of 18, as this is not an easy decision to be made, and certainly not one to be left to the courts.
As you may outlive people in your Will, it is advisable to have contingency plans for Executors, Guardians and Beneficiaries. This stands as well, for any Executors or Guardians who may decide they are no longer able to be part of the process.
Divorce does not invalidate a Will, but it can partially invalidate it. Problems could arise when everything was to be left to the spouse, without updating your Will you could have a situation where there are no beneficiaries to inherit, subsequently, your assets could pass to the Crown.
Whether it’s you, your Beneficiaries or your Executor moving to a new house, it is advisable to update your Will with any new addresses.
Selling or buying assets
As any accommodation owned is likely to be the largest asset in a Will, any newly purchased or sold property should be detailed in your Will. In Estate Planning, any smaller belongings such as vehicles or valuable jewellery are known as chattels, and these too should be considered.
Becoming involved with charities
Charities may have some influence in our lives, some people like to give back to support a Charity after they have gone. Writing a gift into your Will to a Charity is easy to do.
Deciding you no longer wish for one of your Beneficiaries to inherit
As sad as it is, we do occasionally fall out with family and friends. If you decide you want to remove a Beneficiary from your Will, this can be done with a simple update.