Will - 7 Reasons to keep it up-to-date

Will

Do not think that when you have drawn up your will you have taken care of your estate. Your financial status, the people around you change and so are your wishes. Here are the 7 reasons that you need to update your will from time to time:

1. Marital status: You were single when the will was written and now you are married. So the will is no longer valid. The same rule applies to divorce and remarry.
2. Additional members to your family: When you have promoted yourself to fatherhood, you have to reallocate your wealth accordingly.
3. A member of your family or your beneficiary passes away. It is necessary to update your will as well.
4. Substantial changes of your wealth: You have acquired more wealth and so you have to redistribute your wealth accordingly.
5. Your executor: He has died, moved away, or is no longer a suitable candidate anymore.
6. Your appointed guardian: He may not be around or is no longer suitable to look after the interest of your minor children.
7. Your wishes change with the time: Situation changes and so are your wishes. Your previous will may not reflect your current wishes.

The simplest and effective way to update your will is to write a new will to supersede the previous one. This article is also to remind me to take a look at my will.