We all know that maintaining your affairs is not fun, but it is necessary, therefore if you have previously created a will, you are already one step ahead of the game.
Every time your circumstances change, you should reevaluate the provisions in your will. For instance, you should see a lawyer if you get married, divorce, or have children to understand how these events would alter the Will you now have in place. Most people aren’t aware that unless a will was created with marriage in mind, getting married will nullify it.
Again, it is wise to get counsel regarding whether certain assets will pass under your Will provisions and to confirm where your estate stands with regard to inheritance tax if the value of your estate significantly changes.
Even if you feel that nothing has changed and that your will doesn’t need to be amended, it is a good idea to periodically take it out of a secure place to read it over and make sure you are happy with the contents.
You can easily add a codicil, an additional document to be kept alongside your will, if you need to make a minor adjustment like naming an executor. However, it is advised to form a new Will that automatically revokes your existing Will if you wish to make a greater change, such as deciding who you want to leave your residual estate to. To avoid any doubt about which of your earlier wills was your last will and testament, always remember to destroy all proof of them.
