Finance

Worried For The Future? Reasons You Should Update Your Will

Nobody likes to get into the complications of all sorts of financial legalities, but be prepared for the future of yourself and your family!

A will is probably the most significant document you will ever write in your life. It is the way to take care of your assets and your family after you are gone. The problem is that you may already have drafted one out and tucked it somewhere safe and never taken a look at it again. Our lives are forever changing. We change locations.  Our financial situations change. The people in our lives change. Some old ones leave and a few new ones join. There are many more such occurrences in our lives that we can count. It is, therefore, particularly important that you keep going back to you will and update it according to your present situation. Here are a few reasons as to why you should update your will!

You May Have Moved To A Different Location

If you have moved into a different house within the same state or country, your current will may still be viable. However, if you have moved houses into a different state or country, you will have to update your will. Remember that after your demise, the laws of the state or the country in which you resided would apply to your will and not the laws of the state or country in which your will was first written. It could be that the state or the country that you have moved into has different laws in terms of passing on assets and property. You have to be aware of the laws of state or country of your present residence and update your will accordingly.

The Valuation Of Your Assets May Have Changed

Financial situations do not always stay the same. It could be that the value of the assets you own or finances may have downsized or become larger from the time when your will was first written. In such cases, it would be wise to reflect over and evaluate your will once again and update it.

A Beneficiary On Your Will May Have Died

Usually, there are alternate beneficiaries listed in a will in case the primary beneficiary dies. However, if you haven’t listed alternate beneficiaries or in the event of an alternate beneficiary dying, you should update the will for the distribution of your assets.

Urbee Sarkar

A content writer by the day and hardcore Netflix enthusiast by the night, Urbee believes the world to be a story, a ‘tour de force’ in the making. A blind supporter of coffee, she spends her time with her face buried in books on most days when she is not writing. On the other days, she strums her favourite songs while secretly planning for her next trip into the mountains. Urbee is a lit post-grad who has worked as a feature writer for digital media firms and believes the content industry to be her calling.
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