Is Your Will Still Right for the Life You Have Today?
Having a Will is an important part of planning for the future, but drafting one is not necessarily a once-off task.
Life changes. Families grow, relationships change, property is bought and sold, and your financial circumstances can look very different from when you first signed your Will.
During Wills Week, A de Bruyn Attorneys encourages you to ask one simple question:
When last did you update your will?
Here are five important life changes that may mean it is time to take another look.
1. You Got Married or Divorced
Marriage or divorce can significantly change your personal and financial circumstances.
If you recently got married, your existing Will may no longer reflect how you want your estate to be distributed or how you want to provide for your spouse and other beneficiaries.
Divorce is another particularly important time to review your Will. You may need to reconsider previous bequests, beneficiaries and other provisions contained in the document.
Rather than assuming your existing Will still achieves what you want, have it reviewed after a major change in your relationship status.
2. You Welcomed a New Child
The arrival or adoption of a child is one of the biggest reasons to reconsider your estate planning.
Your Will should reflect your growing family and how you would like to provide for your children should you pass away.
For parents of minor children, estate planning can involve additional considerations, including how assets left to children should be dealt with and your wishes regarding guardianship.
Updating your Will allows you to consider these important decisions while you are able to make them carefully.
3. You Bought or Sold Property
Buying a home, investment property or other significant asset can substantially change the value and composition of your estate.
Similarly, if your existing Will refers to a particular property that you have since sold, it may be time for a review.
Your Will should work with the assets you actually own today, not the assets you owned several years ago.
If you have recently bought or sold property, consider having your Will reviewed as part of the process.
4. Your Financial Circumstances Have Changed
A significant increase or decrease in your assets is another good reason to revisit your Will.
This could include:
- Starting or selling a business
- Receiving an inheritance
- Acquiring significant investments
- Purchasing additional property
- Major changes to your financial position
As your financial circumstances become more complex, your estate planning may need to change with them.
A Will drafted at an earlier stage of your life may no longer be appropriate for your current circumstances.
5. Your Beneficiaries or Executor Need to Change
People and relationships change over time.
Someone you previously chose as a beneficiary may no longer be someone you wish to benefit from your estate. You may also want to add new beneficiaries as your family grows or circumstances change.
The same applies to the person nominated as executor in your Will.
If the person you originally selected is no longer the appropriate choice, or your circumstances have changed significantly, it may be worth reconsidering the appointment.
Your Will should reflect your current wishes and circumstances.
When Last Did You Review Yours?
This Wills Week, take a few minutes to think about how much your life may have changed since you last signed your Will.
Got married? Welcomed a child? Bought property? Experienced a major financial change? Changed your mind about a beneficiary or executor?
It may be time for an update.
A de Bruyn Attorneys can assist you with reviewing an existing Will or drafting a new Will suited to your current circumstances.
Your wishes. Your legacy. Your Will.
Contact A de Bruyn Attorneys to book an appointment to review or draft your Will.
Book your consultation now: https://debruynlegal.co.za/wills-estates/
