What Are the Choices For Updating a Last Will & Testament?
It is often quoted that in the UK around 60% of the population have not written a Last Will & Testament to safeguard their wishes when they are no longer around.
There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what.
Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.
However for those that have already written a Will, simply signing this and storing it away is not the best practise.
A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.
Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away.
You or a family member may have married, divorced, remarried or widowed.
There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can't be located.
Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned.
There are various options available to someone who wants to update a Will.
One option is adding a 'Codicil', which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will.
Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will.
There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.
Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.
Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort.
A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.
There are now services available online which can save a lot of time and money when a Will needs updating.
A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.
There are many reasons why people people put off writing such an important document ranging from being unsure as to exactly how to write this, what to write & deciding who gets what.
Apathy is also a key contributor to these statistics as many people openly admit to just putting things off to a later day.
However for those that have already written a Will, simply signing this and storing it away is not the best practise.
A Will should be reviewed every few years as clear consideration must be given to whether your current financial, family or personal situation are still reflected in the your existing document.
Apart from just a simple change of wishes common reasons for needing to change a Will could be that someone named in the original will has passed away.
You or a family member may have married, divorced, remarried or widowed.
There may be additions to the family, the value of your assets/estate may have increased or decreased or a witness to your original will may died or can't be located.
Making a change to Will is not as straightforward as just amending the original document, as legally any changes must be again be witnessed and resigned.
There are various options available to someone who wants to update a Will.
One option is adding a 'Codicil', which is a separate piece of paper which outlines the change in wishes and must then be resigned and witnessed and then attached to the existing Will.
Although this is a simple and easy way to do this, it is really only advisable if you wish to change one specific section of the Will.
There have been cases where a Codicil has been misplaced or lost thus meaning the most recent wishes of the deceased are lost and not acted upon when day comes for the Will to be read.
Apart from using a Codicil most Legal advisors / Will writers will advise that the safest way to change a will is to simply write a new one as any new will that is written and singed will make any previous void and obsolete.
Changes in circumstances mean that some people may wish to change their Will anything up to 5 or 6 time during their lifetime and to write a new Will every time can be sometime be costly and times consuming but in the long run well worth the effort.
A Will should ideally be reviewed every 5 years just to make sure that circumstances have changed.
There are now services available online which can save a lot of time and money when a Will needs updating.
A copy of your original Will is stored in an electronic document format so when a change is required the user can log on with their account details - make the required changes and thereafter print a copy of the revised will ready for signing.
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