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Reviewing Your Will
By Money Sick | April 7, 2006
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IF you haven’t made a Will, the law dictates how your possessions are divided up. If you are married, your husband or wife may not inherit everything you own, and if you are single with no close family, all that you have could pass to the State. By making a Will you can decide for yourself what will happen to your estate, and you could avoid unnecessary worry and complications for those you leave behind.
AMONGST other things, you can deal with the following: You can choose executors. These are the people that will carry out the instructions in the Will. You sometimes need only one executor though it is common to appoint at least two, who may be family or friends. There is no reason why a beneficiary cannot also be an executor. If the Will or your family circumstances are complicated you might like to appoint professional executors. If you have young children it is important to consider the appointment of a guardian to look after them should both parents die while the children are under the age of 18. You should also consider creating a trust and appointing trustees to look after your estate until your children are old enough to inherit. Your Will can make legacies to family, friends or charities of your choice. If you wish, you can also give directions about your funeral, and whether you wish to be buried or cremated.
Your will should be reviewed when the following events take place:
- when you change your name or anyone mentioned in the will changes his or hers;
- when an executor or trustee diess or becomes unsuitable to act due to age or ill health;
- at the death of a beneficiary;
- when you subsequently sell or part with any property mentioned in the will;
- when there is any significant change in circumstances, for example, when you acquire property or assets which have not been mentioned in your will.
If you marry or remarry, your will is nullified.
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