A Financial Will is essential for ensuring that your assets will be distributed to your loved ones exactly the way you want it to be. However, there are various nuances when ensuring that your Will is reviewed and updated properly.
Life, like an untimely death, is very unpredictable. Sudden changes may affect how you decide to rewrite and update your Will following the resulting circumstances. As such, learning to update your Financial Will is an integral part of your legacy-making journey. Read this article to learn all about updating your Will!
Importance of Updating Your Will
Updating your Will allows you to evade issues such as:
Obsolete Provisions: Your Financial Will might not align with your current intentions and circumstances.
Legal Disputes: Outdated Wills can trigger conflicts among beneficiaries after unaccounted changes occur.
Ineffective Asset Distribution: Assets may not be allocated as you planned or are subject to unexpected changes.
Key Reasons to Review and Update Your Financial Will
First, let us go over why you would want to update your Financial Will in the first place.
Major Life Changes: A marriage or a divorce can result in your Financial Will being updated to fit your current status. The birth of new children or other family members can also contribute to major changes. Conversely, the death of a beneficiary as stated in the Will before revision can also be a huge factor for updating a Will.
Changes in Assets: Substantial changes in your financial situation, such as purchasing real estate or inheriting a considerable sum, require a revision of your Financial Will. Updating your Will under these circumstances ensures that your assets are allocated according to your updated wishes and plans.
Changes in Personal Wishes: If you want an altered rendition of your assets or beneficiaries, an update is a good choice moving forward.
Steps to Review Your Financial Will
1. Gather Relevant Documents
Prepare the needed documents for the review and update:
Current Will: You will need to review your current Financial Will to identify the parts you would want to change according to the possible reasons you may have for making the revisions.
Asset Statement: This is a form usually used for decision-making purposes in legal and financial processes. An updated list of your assets may be necessary to allocate the changes you want to be made to your Financial Will.
2. Identify Key Changes
Emphasise the major changes for ease of communication with experts:
Personal Circumstances: Marriage or divorce should be noted as major personal circumstances that can be applied to the forthcoming revised version of your Financial Will.
Financial Situation: Changes in your financial situation should be considered when updating your Financial Will. Such changes include an increase or decrease in your assets to prevent conflicts when the time of distribution occurs.
Legal Considerations: Certain legal restrictions and changes made in the policies of Singapore can merit an update or revision for your Financial Will.
3. Consult with Professionals
Experts can assist you in updating your Will properly and comprehensively through their specialisation in all things related to Financial Will writing.
Legacy Planning Expert: These experts specialise in handling Financial Wills while having vast knowledge of Singapore Will Regulations. They can also assist you in making better financial choices about your Will while adhering to your personal wishes. Such experts can be consulted through The Life Legacy.
4. Signing of New Will or Codicils
Your approval is necessary for the changes to be made effective through signing. However, knowing the differences between an amendment and a rewrite is essential.
Amendments vs. Rewriting the Will: Amendments or changes to the Will are called Codicils, which you have to sign to be deemed effective. Meanwhile, for major changes to be applied, a complete rewrite of the Financial Will shall be made, thus rendering the previous one ineffective. Changes to the Will would include new or different beneficiaries, changes in involved parties, and considering new assets.
5. Informing All Parties Involved on the Location Where the Will is Kept
It is important to inform your beneficiaries and Executor about the location where your Financial Will is kept. This ensures they are aware of where to get the Will after your passing. Clear communication helps prevent misunderstandings and ensures the smooth execution of your wishes.
6. Schedule the next Review and Update
It is recommended to review and update your Financial Will every 3-5 years. However, an annual review is also beneficial for taking yearly changes into account.
Ensure Your Asset Distribution Wishes Are Reflected On Your Legacy with The Life Legacy
If you want to ensure that the detailed instructions for how your assets will be distributed after your departure are appropriately tailored to your circumstances, be sure to follow our process from this article. When creating your Financial Will, consider consulting with The Life Legacy.
At The Life Legacy, we provide comprehensive guidance on how to write a Financial Will, navigate the legalities surrounding it, draft the document, and assist in completing the Will Attestation process. Our expert team is dedicated to ensuring that every detail of your Will is meticulously handled, giving you peace of mind that your wishes will be honoured.
With our support, you can navigate the complexities of estate planning with confidence. We understand that each individual's situation is unique, and we tailor our services to meet your specific needs, ensuring that your legacy is preserved exactly as you envision.
Ready to secure your legacy? Contact The Life Legacy today to schedule a consultation and get started on your Financial Will. Let us help you create a will that truly reflects your wishes and protects your loved ones' future.
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