Photo Credit: Jellaluna
Updating your will is an important task that many people overlook.
Marriage, separation, divorce, child birth, adoption, death…each of these life changing events can cause you to reconsider the benefactors of your will.
We can never be sure as to when our time will be up. Prepare for the worst by updating your will.
Should I write my own will or hire a solicitor?
There is no legal requirement that a will must be drafted by a lawyer – you can legally make one up yourself using a will kit. However, involving a lawyer will ensure that there are no discrepancies in your will, and that your wishes cannot be misconstrued. A lawyer will also ensure that your will is valid, minimise the tax liabilities that may be incurred by beneficiaries, and advise you on a sufficient inheritance for your partner, children or others with whom you share a close personal relationship. But, a lawyer can also be costly. How you go about updating your will is ultimately up to you.
How can I make sure that my will is valid?
Be careful that you don’t spend time updating your will for nothing. To be valid after your death, your will must be:
- In written form. This may be printed, typed or handwritten;
- Signed by you. Ideally at the end of the will;
- Witnessed. There must be two witnesses present when you sign your will, who must also sign to acknowledge the will’s legitimacy.
Things to consider when updating your will.
Whether you decide to make your will yourself or hire a lawyer, there are some key areas that you need to address:
- Specify a guardian for any children under the age of 18. Make sure that you inform the guardian that they have been placed in this position.
- Elect an executor of your will to distribute your estate. This person may be a relative, lawyer, friend, or a trusted company. Executing a will is a time-consuming task since it involves many legal and financial responsibilities, so make sure this person is aware of their position and is confident within the role.
- Record all major outstanding debts. This will make the executor’s job that little bit easier, so they know what must be paid first.
- Include personal wishes. Do you want to be buried or cremated? Do you wish to be an organ donor? How do you wish others to proceed if you become mentally disabled?
- Store your will in a safe place. Leave your will with your lawyer or in a safe at the bank, and make sure others know where to find it. It is also a good idea to keep a copy of your will at home.