Making a Will on time is necessary to avoid any kind of conflict in the future. But, simply making one is not enough; you should be updating it time and time again – after all, this life is absolutely uncertain and you never know when it might take a turn for the better or worse. Also, it’s not necessary that your properties and beneficiaries would remain the same till you get old.
Speaking of Wills, did you know if your Will is not updated according to the current beneficiaries and assets at the time of your death, it may not be distributed the way you wanted it to be? So, if you want your belongings to be given the one who rightfully deserves it, you better keep it updated.
That being said, below we’ve mentioned some major occasions of one’s life when they must make changes in their Will. If you too have passed through any one of these milestones recently, then it’s high time for you to update your Will.
1. When you get married
As a Will mentions what would be passed on to your spouse and what wouldn’t after your demise, having one in place will certainly make their life easy and financially secured. If you have a joint property with your better half, then there is no doubt that the asset will be passed onto him/her and they wouldn’t even need a Will to claim that. But, the surviving partner will certainly need one to show what to do with the property after they die.
However, there are specific things that may not be directly passed onto the surviving partner without a proper Will. For example, if you happen to receive a property from some of your long-lost relatives just a few days before your death, then such kind of assets will not be passed onto your spouse directly.
Moreover, what if you and your better half both die at the same time without having a Will? If such is the case, the assets will be transferred to the beneficiaries that are named in your life insurance or other trusts. So, to avoid all these happenings in your life, it’s better to update your Will in a timely manner.
2. When you get divorced
If marriage adds a person to your life, then divorce basically removes them. After getting divorced, you will certainly not want your ex-wife to be a beneficiary for your assets. So, make sure you are making changes in your Will according to the relationship status of your life.
3. When you have children
Your child is your potential new heir and its necessary to declare their share in your assets. If you have a minor kid, then you have to name a guardian to take care of him/her in case both of you (husband and wife) die simultaneously.
And if you have a young child, then you don’t need to name a guardian for them. But again, if you want to give a specific property or house to your spouse, then you have to mention it clearly in the Will. So that they will get a fair share as per your wish.
4. When the heir passes away
You’d have created your Will to pass on your legacy to your heir when you die. But, what if they die before you? Well, you do know that this might happen so it’s important to keep your Will updated all the time according to the major milestones of your life.
For example, if your spouse dies before you leaving a minor kid behind, then you can update a Will and name any friend or relative as a guardian for the kid. And in case, any of them doesn’t agree to be a guardian, you can also take help from the court.
5. When you purchase or sell a real estate
Buying a new house or office is a major event of life and also a moment for celebration, but with all these, it’s also a reminder call for you to update your Will. As we have mentioned earlier, your joint property will pass onto to your spouse without any Will in place, but some other properties may need onel.
No matter whatever events come in your life, it’s good to review your Will every year to make sure that it’s reflecting the right assets and beneficiaries. We hope this post is helpful enough to know the times to update your Will. And in case, if you haven’t created one yet, then check out the link to know more about how to create a will at home.