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Why You Should Review Your Will

It’s a reasonable assumption to think that once you have written a will you don’t need to think about it again, but as with many things in life, it’s always worth reviewing every now and then just to make sure it’s what you still want. In fact, there are some circumstances in which reviewing your will is absolutely essential.

New Beneficiaries

If new beneficiaries enter the picture (a new baby, perhaps, or a friend who you want to leave something to) then you will definitely need to update your will. Of course, if your will simply states that you want your estate to be divided between your children, this will generally include any born after the will is written. However, if you want something specific to go to any child (or anyone else) then you will need to add it in a revision.

You Come Into Money

If you come into money after you write your will it is a good idea to review it and make sure that it is exactly what you want, bearing your new found wealth in mind. Money can change everything, and whether that’s a good thing or not, your will may be one of the things that also needs to be changed. You might find that you can give money to more people, for example, or that you want to provide for your spouse or children differently, such as writing your estate into a trust, for example.

Divorce

When you get divorced you may no longer want your ex-spouse to receive any part of your estate when you die. Alternatively, you may want to give them a certain amount of money after you pass away. In either case, you will need to update your will to reflect this.

Your Spouse Dies

If your spouse died before you do, you should update your will (assuming you wanted your estate to go to them in the event of your death). If you have written a mirror will, however, this will usually be accounted for – although it never hurts to check.

You’ve Changed Your Mind

Things sometimes happen to make people change their minds about who they are leaving items or money to in their will. A falling out or a reconciliation, for example, can both mean that your will should be reviewed and changed where necessary.

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