Creating a will is a crucial step in estate planning, but it’s equally important to regularly review and update your will to ensure that it accurately reflects your wishes and circumstances. Life changes such as marriage, divorce, the birth of children, or changes in financial status can all warrant updates to your will. Here’s why updating your will with the help of Just wills Dubai matters and how to do it:
Why it matters:
Changes in family dynamics: Life events such as marriage, divorce, or the birth of children can significantly impact your estate planning needs. Updating your will allows you to account for changes in your family dynamics and ensure that your assets are distributed according to your current wishes.
Acquisition of new assets: If you acquire new assets or investments after creating your will, it’s essential to update your will to include these assets and specify how you want them to be distributed. Failing to update your will can result in these assets being distributed according to the laws of intestacy, which may not align with your wishes.
Changes in financial situation: Changes in your financial situation, such as an increase or decrease in wealth, can also warrant updates to your will. Whether you’ve inherited a significant sum of money, sold a valuable asset, or experienced a change in income, updating your will ensures that your estate plan reflects your current financial circumstances.
How to do it:
Review your will regularly: Make it a habit to review your will regularly, ideally every one to two years, or whenever significant life events occur. This allows you to ensure that your will remains up-to-date and reflects your current wishes and circumstances.
Consult with a legal professional: When making updates to your will, it’s advisable to consult with a qualified legal professional who specializes in estate planning. An experienced lawyer can help you understand the legal requirements and implications of updating your will and ensure that your changes are properly executed and legally enforceable.
Make amendments or codicils: If your changes to the will are relatively minor, such as updating beneficiaries or making specific bequests, you can create an amendment or codicil to your existing will. An amendment or codicil is a legal document that modifies or supplements your original will without revoking it entirely.
