When Do You Need to Re Write Your Will?
Many of you is under the impression that once you've sign your Will, you can put it in your safe deposit box and never think about the subject again.
This is a common misconception.
As time goes on, changing circumstances make it advisable to conduct revisions to your existing Wills.
Although it is not possible to set out an exhaustive checklist list of factors which would lead one to review his/her Will, the following is questions which, if any of it is "Yes", should indicate that it is time for you to seriously consider having your Will updated.
• Have you separated since the date of your last Will? In Malaysia, a divorce will NOT revoke a Will.
If your estranged spouse is not deleted from your Will, he or she will benefit under it even though you are living separate and apart.
• Have you been married since the date of your last Will? In Malaysia, marriage revokes a Will • Did you appoint a executor in your last will? In Malaysia, writing a will without appointing an executor will be troublesome, make sure you check that you have that clause in it.
• Is your executor still alive? If they are not, you may think of update your executor's name.
If your children are now mature enough, do you want to appoint them as executors? • Have you had children since the date of your last Will? If so, you should consider a guardian clause or adding your newborn child to the will if he/she is not yet mentioned in your last will.
• Have you had grandchildren since the date of your last Will? If so, you may wish to leave them a sum of money as a gift of love.
You should be aware that it is not advisable for you to change or modify your existing Will yourself.
If you do not follow the formalities required by the law of Malaysia, the Will you make may be null and void.
One cannot overstate the importance of periodically reviewing your Will.
It should take high priority on your estate planning checklist.
It is important for your Will to be up to date and not leave a chance for it to be a family nightmare.
It is advisable to find a qualified will writer or estate planner to review your last will.
This is a common misconception.
As time goes on, changing circumstances make it advisable to conduct revisions to your existing Wills.
Although it is not possible to set out an exhaustive checklist list of factors which would lead one to review his/her Will, the following is questions which, if any of it is "Yes", should indicate that it is time for you to seriously consider having your Will updated.
• Have you separated since the date of your last Will? In Malaysia, a divorce will NOT revoke a Will.
If your estranged spouse is not deleted from your Will, he or she will benefit under it even though you are living separate and apart.
• Have you been married since the date of your last Will? In Malaysia, marriage revokes a Will • Did you appoint a executor in your last will? In Malaysia, writing a will without appointing an executor will be troublesome, make sure you check that you have that clause in it.
• Is your executor still alive? If they are not, you may think of update your executor's name.
If your children are now mature enough, do you want to appoint them as executors? • Have you had children since the date of your last Will? If so, you should consider a guardian clause or adding your newborn child to the will if he/she is not yet mentioned in your last will.
• Have you had grandchildren since the date of your last Will? If so, you may wish to leave them a sum of money as a gift of love.
You should be aware that it is not advisable for you to change or modify your existing Will yourself.
If you do not follow the formalities required by the law of Malaysia, the Will you make may be null and void.
One cannot overstate the importance of periodically reviewing your Will.
It should take high priority on your estate planning checklist.
It is important for your Will to be up to date and not leave a chance for it to be a family nightmare.
It is advisable to find a qualified will writer or estate planner to review your last will.
