Creating a will is a must for every person, but have you thought about updating your current will? Have you ever wondered when is the right time to update your will? Updating your will is a necessity at different times in your life. When your life circumstances change, you should definitely think about updating your will. If you don’t update your will, then the wrong beneficiary could inherit your assets. It is definitely a good idea for you to review your will every few years and make any amendments that you require. Do not overlook making updates to your will.

Updating your will is necessary.

There are some times in your life when you should think about updating your will. Does your will provide for your current life circumstances? Your will needs to be updated to provide for your current circumstances. Let’s take a look at some instances where you should think about updating your will:

  • Updating your will is essential when there have been changes to your family. Have you recently gotten married or divorced? Have you just had a baby? Then, you need to think about updating your will. You need to make sure that you update your will in these circumstances. If your current will does not take these events into account, then you need to update your will.
  • Another instance where you can update your will is when you have had changes to your assets. Have you bought a house recently? Ensure that you include all your assets in your will.
  • Have you just begun a new business? You need to think about updating your will when you have started a new business.

Here are some tips to keep in mind when it comes to your will:

  • When you draw up a will, you need to ensure that you have sufficient liquidity in your estate to cover all expenses. Make sure that your beneficiaries will receive the assets that you intend them to have.
  • Once you have a will in place and you have updated your will due to your changing circumstances, you need to make certain that you know where your will is kept. Where is your will stored? It shouldn’t be kept in a place where you can forget about it. Keep your will in a secure and safe place.

As a Trust Specialist, I have many years of experience with drafting wills for my clients. I can assist you with updating your will. I am available to meet with my clients and discuss any concerns or questions you may have about your will. I cannot emphasise enough how necessary it is to update your will when your life circumstances change. You wouldn’t want to leave your assets to the wrong beneficiary, would you? How can you guarantee that your ex-husband does not receive your assets? The answer to this dilemma: Update your will! I look forward to meeting with you and assisting you with making updates to your will. Please schedule a consultation today.

DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)

Make an appointment with my Executive Assistant, Jutleth Mkhonza. Email julie@mmtrustspecialist.co.za or call +27 (0) 11 783 0108.