Keeping your financial affairs up to date is crucial for ensuring your wishes are honoured. So, what should you do if you want to update your Financial Will? First, review your current will to identify the changes needed. Then, consult with a legacy planning expert to ensure the updates comply with legal requirements. Finally, formally amend your Will through a Codicil or by creating a new Will, and make sure all relevant parties are informed of the changes.
Ready to keep your Will current? Read on for the ultimate guide, providing detailed steps and expert advice on updating your Financial Will to reflect your latest wishes and circumstances.
How Often Should You Review and Update Your Financial Will?
A Financial Will is a crucial legal document that ensures your wishes regarding the distribution of your assets after you pass away are carried out. However, life circumstances can change significantly over time, rendering your existing will outdated. For optimal estate planning, regular revisions are essential.
Recommended Review Schedule:
At Least Every 5 Years: Life evolves, and your financial situation and family dynamics might shift considerably within a five-year window. Periodic reviews allow you to adapt your will to reflect your current wishes.
Review Prompted by Life Changes:
Singapore law recognises certain life events as triggers for revisiting your Will. Here are some key situations:
Marital Status Change: Getting married automatically revokes any previous will you may have had. Conversely, separation or divorce might necessitate adjustments to beneficiary designations.
Family Additions: The arrival of a child, grandchild, or adoption significantly impacts your estate distribution plan. You'll want to ensure these new beneficiaries are included in your Will.
Change of Residence: If you move overseas permanently, it's advisable to review your will to determine if Singaporean law will still govern your estate or if a new Will specific to your new residence is necessary.
Executor/Beneficiary Change: If the person you appointed as your Will's executor passes away or is no longer suitable for the role, a revision is needed to name a new executor. Similarly, if a named beneficiary predeceases you, the will should be updated to reflect this change.
Regular reviews minimise the risk of ambiguities or outdated information in your Will, ensuring a smooth and efficient distribution of your assets. Knowing your Will reflects your current wishes provides peace of mind for you and your loved ones. Lastly, a clear and up-to-date will minimises the potential for disputes among beneficiaries after your passing.
How to Make Changes to Your Financial Will?
Singapore's Wills Act dictates how you can modify your existing Will. Here's a breakdown of the process:
Impossibility of Direct Changes: Once your Will is signed and witnessed, the law doesn't permit direct modifications to the document itself.
Introducing Codicils: To make changes to your Will, you'll need to create a legal document called a Codicil. This Codicil formally amends your existing Will.
Codicil Formalities: The Codicil must adhere to the same signing and witnessing requirements as your original Will. This ensures its validity and legal enforceability.
Multiple Codicils: There's no restriction on the number of Codicils you can add to your Will. As your circumstances evolve, you can create new Codicils to reflect your updated wishes.
Recommendation:
For navigating the legalities surrounding Codicils and ensuring your wishes are precisely documented, consulting a legacy planning expert like The Life Legacy is recommended. They can guide you through the process and ensure your Codicil is valid according to the law.
Is It Necessary to Write a New Financial Will for Major Changes?
Under Singapore law, having a clear and up-to-date Will is crucial to ensure your assets are distributed according to your wishes after your passing. But what happens if your life circumstances undergo significant changes?
Major life events often necessitate revising your existing Will. A new Will that addresses major changes should explicitly state that it revokes all previous Wills and Codicils. This eliminates any confusion and ensures your most recent wishes are followed.
Taking Action: Secure Your Legacy with The Life Legacy
For professional guidance in crafting a new Will or revising your existing one, consider consulting a qualified legacy planning expert like The Life Legacy. We can help you navigate the legalities and ensure your wishes are clearly documented and legally enforceable.
Contact The Life Legacy today to schedule a consultation and discuss how we can help you create a comprehensive estate plan that reflects your current circumstances and secures your legacy.
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