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..
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.
