Reviewing & rewriting your Will

If you have written your Will, congratulations! But,..... when was the last time you reviewed its contents?
If the answer is No, chances are your Will is not updated to reflect your current financial position and the latest distribution wishes.

Many of us have made an effort to get the Will done, however, some may not know the importance of reviewing the contents on a regular basis. As a result, the contents become irrelevent when the Will is executed and this will cause unnecessary problems for the family members.

Case study :
1) Peter has written a Will many years ago and he presumed it is the end of the story. He didnt review it since. Until one day, he died of heart attack while taking his bath. When the family members tried to apply for the Grant of Probate, the Will cant be executed. It is because the appointed executor is his elder brother who had passed away a year ago. And, there is no substitute executor.

2) Mike knows the importance of having a Will especially there are minor children. He has 2 children when he wrote his Will. The distribution goes to his 2 children & the wife. However, unexpectedly, he has the 3rd child after 10 years later. It didnt appear in his mind that there is an urgent need to rewrite his Will in order to protect the 3rd child as well. A pity, he passed away without rewriting and this poor child gets nothing from Mike.

Therefore, please do not just get the Will done but also to review it in a regular basis. Should there be any need, rewrite it before it is too late..

Rewriting your Will

It is common for people to review their Wills every 2-3 years and every year, the number of testators rewriting their Wills is increasing in Rockwills. Therefore since you last wrote your Will, did any of these happen to you?

Change of marital status

Change of your Executors/Trustee status (migrate, death, relationship breakdown, incapability, bankrupt)

Change of your Beneficiaries

Change of scenario over the years 

Intention to reallocate your assets to your Beneficiaries

Substantial change in your financial situation (commencement of business or partnership, purchase of property, inheritance)

The Will is lost, destroyed or tampered 

New addition to the family (newborn, adoption)

If you have doubts and wish to rewrite your Will, please do not hesitate to reach me for a complimentary review.

A Good Estate Plan

Estate Planning is essential because we could effectively arrange for the disposition and management of one's estate at death through the use of wills, trusts or other devices.
With an estate plan, you can control all your property, giving what you own to whom you want to receive it, the way you want them to receive it and when you want them to receive it.

In estate planning, it is essential to plan an effective will - to ensure that your estate is liquidated in the quickest, can be functioned, in the most cost-effective manner and it goes to your rightful and intended beneficiaries. Drawing up a will can be a daunting task but with the professional's help, the process can be so much simple and it is a better plan for your beneficiaries.

As an estate planner, I help people to plan how to distribute their assets in order to minimize problems over the administration of a Probate and maximize the value of the estate.

Good estate planning is not just a simple will.

Make your final wishes come true by writing your will before it is too late!