Why is it Important to Review your Will?
People often think that writing a will is a once-in-a-lifetime event. We either procrastinate and leave will-writing to the end of our lifetime, or write a Will once and forget about it.
However, did you know it is crucial to review your will? Milestones in life may render your Will revoked, such as remarriage. However, your Will is still valid upon a divorce. Thus, if you do not review your Will, your assets may still go to your ex-spouse.
What about the birth of a new child? You do not want to leave your minor child vulnerable to any person to take over his guardianship in the event you and your spouse pass away together in an accident. Write a Will to secure his future.
Sold that property? Or received a windfall and suddenly unsure about what to do with your cash? Preserve, protect and grow your money so that it can last and provide for future generations. Set conditions in your will to ensure that your beneficiaries do not waste your assets but rather steward them with care.
After taking our wealth personality test, perhaps you realise that someone else is more suitable to be the executor of your will. Perhaps someone else is more trustworthy and financially savvy. Review your will and appoint the right person to be in charge. This will save you a lot of headaches, heartache and money!
Finally, we mature and pick up many lessons that we may wish to pass down as time goes by. Record these stories down in our Memory Time Capsules, or insert the Personal Stories that add significance to certain non-financial assets you may wish to give such as a family heirloom.
Will-writing should be a lifestyle, not a once-off event. Download the heritance app today to start drafting or reviewing your SmartWill!
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