3 Instances When You Need To Update Your Family's Will
Many people think that a will should only be written when you are old or about to die. While a will can be crucial at these times, it is not the only circumstance that should be used to write a will. It is important to get in touch with your lawyer and write a will now, which should be updated regularly. This is very helpful when you are no longer around and there is a need for the conveyance of your properties to the beneficiaries. Below are several instances when you need to update your family's will.
At the birth of a child
In most cases, children are the primary beneficiaries of your will. Even if you have already divided your property to cater for your current children, you need to make some changes when another child is born. This will prevent any inheritance issues when you are not around. However, the presence of your children in the will doesn't have to be permanent as they grow older and start their own families. In this case, there is nothing wrong with introducing your grandchildren as beneficiaries to your property.
When you have bought new property
A will should facilitate easier conveyancing of your property upon your demise. As such, it is only helpful when you have listed all your properties and then outlined the beneficiaries. Once you buy a new property, such as a house, you should visit your lawyer to help you include it in your will. Failure to do this can lead to family conflicts in the future since family members can start fighting to get a share of your prime assets, such as property.
Upon the death of your partner
A large portion of people will leave most of their assets to their partners. However, many will fail to update the will when their partner passes on. Despite the grief that you might be experiencing, updating your will is necessary after your partner passes away. This prevents complications when you pass on and some of the beneficiaries of your estate are dead. The same is also applicable when you have divorced your partner. Upon separation, your assets will be divided between both of you, and it will no longer be practical to have them in your will. You should, therefore, update your will to remove the divorced spouse and state your current assets.
Updating your will takes only a few minutes but saves your beneficiaries from a lot of trouble. To ensure that this is done regularly, you can request your lawyer to contact you once in every three months to find out if you need to make any changes.