Can I future proof my Will today? It is a question that we are often asked and Laura Richardson’s latest article provides some initial guidance regarding the answer.
In Essex, and across the UK you can make a legally valid Will from the age of 18. At Andrew Douglas Wills and Legal Services, we advise making a Will as soon as possible. However, one question that repeatedly arises is how to future-proof a Will, therefore here are a few examples of how to minimise the need to rewrite your Will in the future:
Children.
It is especially important that you have a Will in order to make provisions for your child
should you die before they reach adulthood. However, you may want further children in the
future. How then can you ensure that these further children will also be protected under your
Will? One way is to add specific wording to ensure that any further children would be provided
for in the same manner as any specifically named children within your Will. You should seek
professional advice from a Solicitor when considering including such additional wording as it
could significantly change your Will.
Named persons.
Within a Will you can formally record your wishes for a Guardian for your child,
as well as set up Trusts to provide for your child financially. It is advisable to include a back-up
option for any named Guardians, or Trustees within your Will should anything happen to your
first choices in the future, or should they become unable to fulfill the request for any reason.
Similarly, it is also worthwhile including back up options for your named Executors within your
Will should they die or be unable to fulfill their duties at the time of your death. Furthermore,
you could include back up options for your beneficiaries, for example stating that should a
certain beneficiary die, that their inheritance should be passed down to their children instead.
Named Assets
Should a named asset be destroyed or unavailable by the time of your death,
then these assets will simply be omitted from your Estate. You may wish to review your Will
periodically in order to ensure that your assets are accurately reflected within your Will, and
that any intended beneficiary of a lost or destroyed asset is adequately provided for in some
other way however, this would normally mean a formal updating of your Will.
At the end of the day, no Will is completely future-proof!
There is often no way to predict whether you will marry, divorce, remarry, move to a different country etc… all of which may mean the need to remake your Will. However, by seeking advice from an experienced Will writing firm, such as Andrew Douglas Wills and Legal Services, you may be able to protect your Will from some of the changes that the future will bring. In order to discuss your Will further, contact Andrew Douglas Wills and Legal Services today, we offer a free initial consultation across Essex, and we can even arrange to visit you in the comfort of your own home. Call today for an informal discussion of our services.
If you would like to discuss any aspect of making or amending your Will, contact Andrew Douglas Wills and Legal Services today. As specialists in Will writing services, you can rest assured that your Will reflects your exact wishes. Call today to arrange your free initial consultation! If you would like to keep up with our latest posts about aspects of estate planning, then please also –
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