“The only constant in life is change”- Heraclitus (Greek philosopher)
Creating a Will is an important step in ensuring that your family is protected and that your assets are distributed according to your wishes after you pass away. However, it is not enough to simply create a Will and forget about it. Life circumstances can change, and your Will may need to be reviewed and updated to reflect changes. In this article, we will discuss the importance of reviewing your Will and some situations where you may need to do so.
Why Reviewing Your Will Is Important:
Changes in personal circumstances: Life events such as marriage, divorce, the birth of children or grandchildren, death of a beneficiary or executor, or a significant change in financial circumstances can all have an impact on your Will.
Changes in laws: The laws governing Wills and estate inheritance can change over time, and these changes may affect the validity or distribution of your Will.
Changes in wishes: Your wishes for the distribution of your assets may change over time, and it is important to ensure that your Will reflects your current wishes.
What to Consider When Reviewing Your Will
When reviewing your Will, there are several factors to consider:
Beneficiaries: Ensure that your beneficiaries are still relevant and that you are happy with the way your assets will be distributed.
Executors: Consider whether your chosen executor is still the best person for the role, or whether you need to appoint someone else.
Assets: Ensure that your Will reflects your current assets and any changes in your financial circumstances.
Debts and liabilities: Consider any outstanding debts or liabilities that may affect the distribution of your assets.
Tax implications: Consider any tax implications of your Will and whether there are any changes in tax laws that may affect your estate.
It is important to review your Will regularly to ensure that it still reflects your wishes and any changes in your life circumstances or the law. By reviewing your Will, you can ensure that your loved ones are taken care of and that your assets are distributed in the way that you intended.
How can TWS Legal Consultants help?
TWS Legal Consultants has vast experience in UAE Inheritance and Legacy planning matters. We make reviewing your estate plan easy and can help prepare/amend your Will along with other supporting documents.
To book a Consultation with a Wills Specialist Lawyer contact us on the details below:
or call +971 4 448 4284