Welcome to my blog. This blog is dedicated to helping anyone who is currently in the midst of a liability issue. A few years ago, my daughter contracted listeria due to poorly packaged food. She, thankfully, was okay, but we still took her case to court. I want all families who have been affected by liability issues to understand their rights, so I decided to start this blog. My beautiful daughter is now 17 and preparing to start uni next year. I have three younger children as well and an amazing husband. Thank you for reading my blog. Please share my posts if they help you!
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Will planning isn't exactly the most fun task to occupy your free time, and unfortunately, it's not a one-time task either. Once you've completed your will for the first time, you may still want to go over the details in the future and update it. So how do you know if your will needs a bit of a refresh? Here are some reasons why now might be the time to do more will planning.
A change in assets. A person's personal wealth tends to change over time. Say, for example, that you inherited some property or you started a business since you first wrote your will. These are new assets that wouldn't be covered in your previous will, and you might want to think about how to distribute them unless you want them to go straight to your next of kin.
Your personal relationships have changed. Relationships are also something that are not static. You might always have the same brothers and sisters, but say, for example that you get divorced and remarried. If there is anything in your current will pertaining to your ex-spouse, that is something that you will want to change sooner rather than later. And relationships don't just stop with people. You might have recently formed a relationship with a charitable organisation and desire to share some of your wealth with the charity.
A change in tax laws. Even if nothing in your life has changed at all, the laws surrounding tax of property and your wealth might have changed. For this reason, it's a good reason to build a strong relationship with a reputable lawyer who can advise you about any changes to tax laws and explain in simple terms how this effects your will. You can then change your will accordingly.
You've changed personally. You don't necessarily need to experience major life events to change as a person. If you first made your will when you were in your 30s and you are now in your 50s, you have no doubt changed a whole lot on many different levels, even if you work in the same field and have the same spouse. These personal changes of your character can really influence your decisions about where you want your money to go. This is why it's a good reason to look at your will again, even if you feel as though your assets haven't appreciated and you haven't had any major relationship changes.
Although it's not a fun task, schedule some time to update your will, and after the process, you'll feel like a weight has been lifted.
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