As your circumstances change, so do your needs and the needs of your family. Planning for these needs is crucial, and can be addressed with a will review.
Ideally, a will should be updated every 5 years, but each person’s situation can be very different, so the timeline should not be the only factor when scheduling a will review. Consider making revisions in your will when the following scenarios occur:
1. Changes in your status and family size
In general, updating your will is necessary after any major life change. This includes marriage, divorce, death, and the birth of a child or grandchild.
In learning how do you write a will and testament, you have to be keen on these life events. These changes may require a will review because issues like inheritance, guardianship, and trusts have to be considered.
Can a will be changed or revoked by status changes?
In Singapore, your will is revoked when you get married, but it stays binding after divorce. If your spouse is a beneficiary in your will, they will still have legal claims to your estate after the divorce is finalized, unless you update your will. This is one important consideration in .
Your personal relationships among family members and friends could also have changed through the years, so your preference with regards to the distribution of your assets also changed. Or you could have been involved in organizations and you would like to donate assets to them when you die.
These life events should be considered when you do a will review to ensure that your remains relevant to your wishes.
2. Changes in the value of your assets in your will
It’s important to keep abreast of the value changes in your estate when . Regardless of whether your estate increased or decreased in value, this must be reflected in your will.
If you have decided to personally , make sure that you have a thorough understanding of the valuation of all your assets, both tangible and digital.
You would want that in the event of your passing, the value of what you leave to your beneficiaries is as close as possible to what you intended.
3. Changes in the law that affect your will
For it to be enforceable when you die, it is vital for your will to remain valid and in accordance with the law. Legal requirements should be on top of your mind if you are wondering .
Therefore it is important to be aware of changes, most especially to those new regulations affecting property law, family law, and inheritance tax charges.
Aside from knowing how do you write a will and testament, it is important to keep abreast of legal updates. At times, the advice of a lawyer can be valuable to assess how these changes can affect the validity of your will.
4. Changes in your location
Moving out of the country where you wrote your will might render the will invalid. Estate and tax laws differ in each area of jurisdiction, so you have to make sure that you are complying with the requirements of your new home country.
At the minimum, it is important to update the address of your house to make sure that your legal documents show the most relevant information.
How do you write a will and testament that takes into account all your relevant wishes?
A periodic will review is necessary for you to determine whether your will conveys your most up-to-date preferences when it comes to the distribution of assets in the event of your passing.
Here at Kith & Kin Law Corporation, we offer expert advice on with the conviction to provide the best approach based on our client’s personal circumstances and needs.
If you would like professional help in updating your will, today.