Is it time to update my will?
So, you did the right thing and drafted your will. You created that peace of mind knowing that your children will be looked after in the event of your and your partner's deaths. There will be funds available, sentimental items to pass on as gifts, and most importantly, your chosen guardian is named and has, in principle, agreed to take on the role of providing for your children should the necessity arise.
Wait a minute, though. When did you do all that? Do you even know where your original will is held? One of the things the last few years have taught us is that time gets blurred. The will you wrote 10 years or even two years ago may not be fit for purpose today.
Perhaps your infant children are all grown up and have children of their own. Previous relationships may have faded over time, and new ones are now more important. It could even be that the people you designated as executors, trustees or guardians of your will are no longer available.
Life events such as marriage, civil union, or separation could likely affect and change the validity of your will. Indeed, if you had a will in place prior to marriage or civil union, it might already be void. Separation also has legal implications. In some circumstances, a will continues to treat your partner or ex-spouse as if they were still involved in your life. If they are the executors of the will, would you be comfortable with them having control of the administration of your estate?
A poorly drafted will or one that is outdated and doesn't meet your current needs can cause problems and lead to family disputes.
There are many reasons why you should consider reviewing your will. At the very least, a review and discussion with one of our estate planning lawyers every two to three years will reassure you that your legacy will thrive in the way you intend.
Remember, the team at Turner Hopkins is here to help. If you have any questions or concerns about the topics raised in this blog, please contact our team below.
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