5 reasons why updating your Will should be on this year’s list of resolutions
It is coming to the end of another busy year and is time to start planning the next one. Estate planning can be a daunting process for a lot of people as no one really wants to think about a time when they are not around to take care of their loved ones. That being said, here are 5 very good reasons why you should include ‘Making a Will’ on this year’s list of New Year’s resolutions.
Have you recently gotten married? A little known fact about your Will is that when you get married, your Will is automatically revoked. One way of by-passing this legal nuance is to make sure that you make a note in your Will that the Will is made in contemplation of marrying your partner and that marriage to them is not to revoke the Will.
If you have recently gotten married or are planning to in the future, it is a good idea to ensure that your Will is properly drafted.
Divorce has a similar effect to marriage except for the fact that the revocation only applies to gifts to be received by your former spouse. This means that anything you have left to your spouse in your Will no longer passes to them. It is a good idea to review your Will or make a new one if you have recently been through divorce proceedings.
3. Can your Executor be your Executor?
Has anything happened in recent times to your Executor or your relationship with them? The role of an Executor is very important as they are responsible for collecting in all of the assets and making sure that the beneficiaries receive their inheritance in the way that you want them too.
An Executor cannot act if they are under a legal incapacity, that is if they are in jail or have their capacity. A person under the age of 18 is also considered to not have legal capacity, so it is not advisable to include any young persons as your Executor.
In the event that you should pass away intestate (without a Will) the intestacy rules will apply to your estate. These rules are formulaic and may not represent the ideal estate distribution for your situation.
5. Peace of Mind
This is perhaps the most important reason to ensure that your Will is up date, as you will be able to sleep soundly knowing that your loved ones will be taken care of.