The Importance of Keeping your Will Up-to-date
Once you have put your Will in place it is tempting to think of it no more.
Your wishes are recorded, your Executors have been chosen and as long as is it safely stored away you have the peace of mind of knowing that your family and assets are protected. In theory this is true however in reality it is rare that your Will will never need updating. In some cases changes in your circumstances can in fact invalidate your Will meaning an out of date Will is often as dangerous as having no Will at all. Below we have detailed some of the most common reasons why a Will needs to be updated:
Changing or Adding Beneficiaries – You may want to change named beneficiaries, especially if you have lost touch over the years or indeed if they have passed away. You may want to add beneficiaries such as grandchildren or charities. Alternatively you may just wish to change how much your beneficiaries are to receive.
Changing Executors – If you have appointed your solicitor or bank as the Executor of your Will it is likely they will charge a fee to administer your estate. Appointing someone you know and trust to act on your behalf will avoid these unnecessary charges. If your current Executors have been affected by old age or illness this can affect their ability to carry out your wishes. Appointing adult children or somebody younger than you may help ensure a grant of probate is obtained without unnecessary delay.
Marriage or Civil Partnership – A Will is automatically revoked (cancelled) when you marry or enter into a Civil Partnership. If you do not create a new Will, your estate will be distributed according to the laws of Intestacy.
Divorce or Civil Partnership Dissolution – Divorce or Civil Partnership dissolution does not invalidate the Will but it may affect how your wishes are executed. For the sole purposes of the Will your former partner is treated as deceased and therefore any gifts made to them, or the appointment of them as Executor or Trustee, become ineffective.
WSL Ltd can help you update your Will to give you peace of mind. Their specialist legal consultants are available for home visits daytimes and evenings, seven days a week and will guide you through the process of making any changes. WSL are delighted to offer Silversurfers.com customers a discount on their home visit service. Please call us direct on
020 8380 1082 or click here to view the offer.