3 reasons you should update your will

26th April 2023·Industry News

Does your will accurately reflect your current wishes? Many people write their will and forget about it – even after significant life changes, most wills remain unaltered and do not reflect people’s current situation.

If your will is not accurate or up to date, it can create stress for loved ones once its application is warranted and can cause undue difficulties for solicitors, who work to ensure that the correct wishes are followed and the value of the will is honoured as intended.

Under 2023 legislation, you cannot amend your will after it’s been signed and witnessed. The only way you can change a will is by making an official alteration called a Codicil. Similar to the will, you must sign a codicil and get it witnessed, although there are no limits to this and changes should take place every 5 years or during key life events.

We are highlighting 3 reasons why your will may need a vital update, ensuring it reflects life now and after you’re gone. 

Family never stops growing

Whether it’s a new grandchild or a change of in-laws, the make-up of a family is something that is constantly changing and your will should reflect this.

When you update the will to include new members of the family, you’re guaranteeing that they receive an equal share of any inheritance that is owed and that any plans for the future can be supported by the benefits left behind.

Financial situations can change

Expanding your financial assets can come with a very positive feeling, and, when this happens, it seems second nature to build up savings for a rainy day. For larger assets, editing these into the will can be a positive benefit for families, whether it is securing freedom from end-of-life debts or assisting loved ones in building their future, the possibilities are endless.

When it comes to knowing what assets should be included, check out our Comprehensive Will Writing Guide for more information.

When the unexpected happens

There is always the chance that the executor or someone in the will passes on before your will can be executed. In circumstances like this, it is important to edit your will to ensure that anything left to this loved one is passed on to their families or causes close to their hearts.

This is also important to the execution of the will, if the executor has died, then another loved one can step in to administer the estate. However, this may cause challenges amongst the benefactors. When originally writing your will, it is a good idea to name more than one executor to prepare for the unexpected.

How ICS Law can help you

Whether you’re in need of a complete will writing or direction on how to alter your will, we offer a wide range of will and probate services that will have your end-of-life choices honoured and secure a bright future for your loved ones.

Our services can help you:

  • Appoint executors and guardians
  • Safely store your important legal documents
  • Ensure that your assets go to the people and organisations you want them to
  • Minimise the chance that your will is contested and subject to litigation

We want you to be prepared for all outcomes of later life, get in touch today for a supportive team to secure a will that reflects you and everything you care about.

3 reasons you should update your will

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