No one likes to think about their own mortality, but it's important to have a will in place in case something happens to you. A will is a legal document that outlines your wishes for what should happen to your belongings and your estate after you die. While it may seem like a daunting task to create a will, it's actually not as difficult or time-consuming as you might think. And, it's important to update your will regularly as your life circumstances change. In this blog post, we'll explore the importance of having a will and why you should keep it up to date. We'll also provide some tips on how to create or update your will.

What is a last will and testament?

When most people think about making a will, they imagine drafting it once and then forgetting about it. However, it's important to update your will regularly, as your circumstances and assets may change over time.

A last will is a legal document that outlines how you would like your assets to be distributed after you die. You can use a will to specify who should receive your property, how much they should receive, and when they should receive it. A will can also be used to appoint a guardian for minor children or pets.

While it is not required by law to have a will, it is generally advisable to have one in order to ensure that your wishes are carried out after your death. If you die without a will, your assets will be distributed according to the laws of intestacy, which may not be in line with your wishes.

If you have already made a will, it is important to review it periodically and make sure that it still reflects your current wishes. As your life changes, so too may your wishes for what should happen to your assets after you die. For example, you may get married, divorced, or have children; you may buy or sell property; or you may come into or inherit money or other assets. Any of these life changes could affect the content of your will.

It's also important to keep your will up-to-date so that it accurately reflects your current financial situation. If you have significant debts or liabilities

Why is it important to have your last will regularly updated?

It is important to have your last will regularly updated in order to ensure that your wishes are carried out after you die. If you do not update your will, there is a risk that your beneficiaries may not receive what you intended them to.

There are many life events that can occur which would necessitate an update to your will, such as the birth of a child, the death of a spouse, or a change in your financial situation. By keeping your will up-to-date, you can be sure that it accurately reflects your current wishes.

If you do not have a will, or if yours is outdated, now is the time to take action. There are multiple options available in terms of free online wills and most banks have this facility available. Our favourite online will platforms are SmartWill and Capital Legacy.

What happens if you don't have a last will?

If you don't have a last will, your estate will be distributed according to the intestacy rules of your state. This means that your property will be distributed to your closest relatives, and if you are not married or in a civil partnership, your partner will not automatically inherit anything.

It is therefore very important to have a last will, so that you can ensure that your property is distributed according to your wishes. You should review your last will regularly, and update it if there are any changes in your circumstances (for example, if you get married or divorced).

If you die without a last will, your estate will still be subject to probate and any debts you owe must still be paid out of your estate. Your assets will simply be distributed according to the intestacy rules rather than according to your wishes.

How to update your last will

A will is a legal document that details how you would like your assets to be distributed after you die. Many people create a will early in their adult life and then never update it, but it is important to review and update your will regularly. Here are some tips on how to update your last will:

1. Review your asset portfolio. Make sure that your will still reflects your wishes in regard to the distribution of your assets. You may have acquired new property or sold some since you last updated your will, so it is important to make sure that the document accurately reflects your current situation.

2. Check the beneficiary designations on your accounts. Many financial accounts, such as retirement accounts and life insurance policies, have designated beneficiaries who will receive the account funds upon your death. These beneficiary designations take precedence over any instructions in your will, so it is important to make sure that they are up-to-date.

3. Update your executor information. If you have named someone to serve as executor of your estate, make sure that they are still willing and able to take on this responsibility. You may also want to name an alternate executor in case the original executor is unable or unwilling to serve.

4. Review any trusts you have established. If you have created a trust for estate planning purposes, make sure that it is still valid and accurate according to your wishes.

It is important to have a will because it gives you peace of mind knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes. Having a will also makes the probate process simpler and less stressful for your loved ones. While it's impossible to predict the future, regularly updating your will ensures that it always reflects your current wishes.

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