The events of 2020 can’t have failed to escape your attention. We’ve not seen the likes of it for decades and decades. I’m talking of course about the Covid-19 pandemic. As we enter 2021 there is positive news on the pandemic front in the form of vaccinations becoming available. Yet there’s still a long road ahead and we none of us know what’s around the corner – the Coronavirus pandemic is far from over. I know this isn’t cheery but we can’t pretend that the worst won’t happen to us. And that despite our best efforts!
With that in mind here’s 8 reasons to update your Will in 2021
- Making sure your Will is up-to-date is the best way to take care of your loved ones should an unfortunate event or illness befall you – Covid related or otherwise.
- Having a current and valid Will ensures that everyone that needs to know, is clear on what your wishes are in such a scenario.
- An up-to-date Will protects your children. If you’re living in blended household, whether married or co-habiting, how does each of you ensure that your respective children get a fair share of your estate? It’s a thorny issue and no mistake. One thing is clear – doing nothing is not an option. If you had your will drawn up before you became part of the blended family set-up then speak to a professional Will writer or solicitor at the earliest opportunity. Find out from them how you can use Trusts to safeguard against someone disinheriting your children.
- Get legal guardians appointed for your children. This one needs no explaining. If you’re children are underage then make sure your existing Will (or new one if needed) appoints guardians who will love and care for them. Do, I beg you, take control and take that decision now. Don’t leave it to chance and risk your children going into the care of someone you’ve not chosen yourself.
- You’re getting divorced. Lockdown has revealed the fault line in many a marriage. What was a minor irritation for people not together all that much has, for many, turned into something unbearable and so they’re seeking a divorce. Before you do anything else – get your Will updated. Why? Because, until you have your Decree Absolute in your hands, the eyes of the law will view you as still married to your soon-to-be ex husband or wife. The upshot being that they could still inherit from you. So, what you might want to do is get your Will updated to make your children your beneficiaries rather than your estranged partner.
- Because you’re current Will is long-standing. It could be that you’ve got a Will in place that you drafted eons ago. If so then it won’t hurt to have a Will review to check that it’s still relevant. For instance, are all the beneficiaries and executors alive still? Or even still in your life? If so, do you still want to name them in your Will? Are your children now grown up? If so could you now name them as executors? Have your financial or family circumstances changes? Does your Will contain complex trust arrangements that are relevant no more?
- You’ve changed from single to married status. If, as a single person, you had a Will, then marriage is an automatic revocation of that Will. The only caveat being that if it has specific wording in it to state otherwise. If that’s not the case then you and your new spouse need a new Will.
- And last but by no means least – an up-to-date Will aids restful sleep!
So, there you have it. 8 Excellent reasons why you should have an up-to-date Will. If you’d like to know more or would like a free Will review then please get in touch.
You can call me on 07538 946 839 or send me a note to: firstname.lastname@example.org