Update Your Will Oxford
The importance of updating your existing will
If you have a will , but have nor reviewed it for some time, it is a good idea to do so.
There may be some important updates that require your will to be amended.
Personal circumstances often change and your will needs to reflect this.
Having an up to date will is just as important as writing a will in the first place.
Wills often need to be renewed when the following life changes occur:
Not having a will is not an option
A will is a document that specifies the individuals who inherit your property once you die. You can write your will at any point in your life regardless of your age. Life is ever-changing, and it is reasonable to need to change your information. You may buy more property that was not in the original will or have more children. Changing a will is not a difficult task because of having the option to either update, modify or even revoke it entirely as long as you are in a good mental state. Below are tips on how to update your will.
If any of these changes do happen them we do advise that you update your will as soon as possible. This is to ensure that your family and loved ones are all covered by the new changes. It is also highly recommended that you review your will at least every five years, to ensure that it is up to date.
Why Update your Will?
How we can help!
What to update?
Contact Trusted Will Writing Oxford Today
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A Trusted Company!
To find out more about our will writing service all you have to do is give us a call. One of our friendly team members will chat with you about your personal circumstances and what you wish to include in your will. We will then schedule a visit, at a time of your choosing, for one of our Legal Consultants to come and visit you
They will gather all of the necessary information together in order to prepare and write your will. Once this stage has been completed you will then receive your completed will for approval. The whole process takes an average of 28 days. To find out more information please do give us a call today. We offer a fixed fee and guarantee the lowest local will writing prices.
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Writing wills is the only way to ensure that your money, possessions, property, as well as your investments, has gone to the people or the causes that you care of.
How to write a will
Find out the value of your property. You can draw a list of your lasting assets and your debts too.
The assets that usually make an estate are
- motor vehicles
- your company
- your home, furniture and other household pieces of stuff
- all your savings (bank/building society accounts)
- pension funds
- investments like stocks and shares
- other property that you own
- other personal belongings registered under your name
Then calculate the amount of debt you have. Debts may be a mortgage, a bank overdraft, a credit card balance, loans or equity release. These assets should be valued on a regular basis since their value keeps changing over time. To clarify this you can contact the people responsible to know how long lasting they are.
The will should be transparent regarding your assets. Ensure you have stated well who you would like to gain from your will. Decide where the remains of the assets will go (any money or property that is generally left after meeting the funeral along with administrative expenses, taxes, and legacies). State what to be done if one of your beneficiaries dies before you. If you desire to give any particular gifts to specific individuals like charity, ensure that you have included the correct information like the full names, addresses, and the charity’s registered number. Erroneous information might make your chosen charity to be denied the gift. This is a long lasting decision make sure it is satisfactory to you.
Executors deal with the distribution of your assets once you are dead. It involves a lot of work and accountability, thus think about the people you appoint cautiously.
It’s now the time to write your will
Make your own will:
Make your own will and ensure that it is valid. It should be correctly drafted and signed.
It is typically best because they offer legal advice. Look for one who specializes in wills. Ensure that they are registered with the relevant body.
Some of the banks have will-writing services as well as advice regarding asset planning.
Professional wills writers:
these are not qualified solicitors; hence, they might not be regulated. Do thorough checks if they are registered before you choose one? You do not want to mess up because of less research on solicitors.
Ensure your will is valid
Your will should be in writing, and only you should sign it and witness by at least two people who should as well sign it in your presence. You should have the mental capability of making the will and also understand the effect that it will have. Finally, you should make the will willingly and not from anyone else pressure. The beneficiaries, their family or civil partners are not supposed to act as witnesses; otherwise, they will lose their right of the inheritance. They are not even supposed to be present when the will is being signed. It is not advisable for an executor to be a witness.
Making a will in sickness
The will can be signed on your behalf if you are not capable provided that you are in that room and you have the mental capability to make the will. It should contain a clause stating that you understood everything prior to signing it. In case of a severe ailment, you might require a statement from a medical practitioner certifying that you have understood what you are about to sign then you can get an attorney. You can as well appoint somebody else to have a short-term power to sign your legal documents by giving them a general power of Attorney.
Keep updating your will
You are supposed to review your will after every five years or after a significant change like a moving house or new grandchild, and you should never make changes to the original will. For minor amendments, you can add just an addition, called a codicil that must be signed and witnessed just like the will, even though the witnesses don’t need to be the same. For significant changes like remarrying or divorce, the will requires to be changed. You must make a new one and cancel the previous one.