A will is considered a document of legal authority determining the allocation of your property and assets when you pass away. Setting up a will is an exercise in legal prudence, preventing and protecting your beneficiaries from potential disputes and lengthy probate processes. Passing away without a will can create additional stress during an already difficult time for your loved ones.
A will primarily deals with property and assets. The scope of property and assets is evolving with the inclusion of newer asset classes like digital assets. However, in the traditional sense of the term, when a will deals only with tangible assets or immovable property, it’s called a devise. In cases where a will deals with personal property, i.e., movable property or items of intangible value, it’s called a testament.
Let’s look at why it’s important to review your will and testament periodically.
1. Life Changes
Life changes can be unpredictable and beyond your control. However, they need to be accounted for in a will. So, when should you review your will? The addition of new family members, change of residence to a new city/country, purchase of new property or a house, marriage, adoption, retirement and death of a spouse are all reasons enough to consider reviewing your will.
Reviewing your will can help you assess whether the document accounts for everybody you want to include and if your legal wishes align with the most important relationships in your life. Your will and testament should be reviewed periodically, typically once every five years. If you’ve got an online will, you can consider updating your will yourself to account for these changes.
2. Legal Changes
Changes in law and the legal status of your beneficiaries are both valid reasons for reviewing your will. This review allows you to update your will and see if it aligns with your current wishes. A review of your will not only keeps you updated with new laws but also prevents potential related inconsistencies.
For example, you may have a granddaughter listed as a beneficiary in your will. Her legal status has changed if she was unmarried at the time of her inclusion in your will but is now married. Adopting her husband’s name/surname warrants a change in her legal name, which needs to be changed accordingly in your will.
Another example is the inclusion of digital assets under the recently proposed Property (Digital Assets, etc) Bill as personal property. This means if you hold intellectual property rights or digital currency, it may fall under the scope of personal property.
3. Identifying and Rectifying Deficiencies
There’s always the chance of making errors on a will document due to a lack of knowledge about updated laws or an error of judgment regarding your beneficiaries. It’s also possible that, as a testator, you may have been under undue influence from a potential beneficiary to create the will in their favour.
Procedural issues resulting from a lack of qualified witnesses or other legal formalities can be read as deficiencies in a will document. Reviewing the will and updating your will yourself enables you to identify potential errors and rectify them.
4. Avoiding Disputes
A will gives your loved ones and beneficiaries a legal framework that clarifies your wishes concerning the distribution of your property and assets. A straightforward will with an uncomplicated line of succession has less chance of being disputed in court.
Even with complex family arrangements like multiple lines of succession (adopted family members, stepchildren, etc.) or the inclusion of chosen families, wills can bring much-needed clarity to your wishes. It also helps protect your beneficiaries from potential exploitation if they’re vulnerable. As a result, it’s important to review your will from time to time to account for changes in law and avoid potential disputes.
5. Protecting Your Loved Ones
As stated earlier, a will can be a protective legal document that clearly states your wishes concerning your loved ones. This is especially relevant when you have minors or older adults included as your beneficiaries. They may warrant the requirement of special instructions regarding their physical health and financial well-being.
A ‘Letter of Wishes’ can be used as a supplement to address additional concerns or wishes you may have that aren’t included in the will. Though it’s not legally enforceable, it’s a helpful guide for your executors to understand your will better. Reviewing your will can allow you to include such a letter of wish and other additional instructions for your beneficiaries.
Choose Zenco Legal to Create Your Will Online
Ultimately, wills are proactive legal documents that can be changed and updated when needed, helping account for changes in your life and alter your will to make space for new inclusions or exclusions as you see fit. You can keep your will updated and protect your loved ones and beneficiaries from needless legal hassles by periodically reviewing your will.
At Zenco, we can help you set up your will and address all your legal concerns. We also offer our legal services to create a power of attorney and set up a trust.
For more information on our services, check out our guides or book an appointment now.
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