BackLife events: Why you should review your Will periodically
Any lapse may result in an undesirable scenario where both you as well as his children will be deprived of a majority of his assets.
PremiumI have been married for 15 years. My husband’s previous marriage ended in a divorce. From his first marriage, my husband has two children. He has not been in touch with them. He executed a Will prior to our marriage, and left a large part of his estate to his siblings, nothing for his first wife or children, and a flat for me. Now, my husband is trying to reconnect with his children and expressed his desire to leave some assets for them. Should he update his Will that would reflect the change in circumstances?
–Name withheld on request
Without a doubt we would recommend your husband to rewrite his will. Any lapse may result in an undesirable scenario where both you as well as his children will be deprived of a majority of his assets. In fact, this could even result in litigation among family members.
While a Will is perhaps one of the most basic elements of succession planning, it is also, the most essential. However, succession planning does not stop at Will writing. It’s equally crucial that one reviews the Will at least once every 5 years or when a significant life or financial event occurs.
Reviewing ones Will means forming an assessment, as to whether it still meets one’s succession goals at the present time and into the (near) future. In this scenario, the last Will is not representing the changed circumstances. Now that you and your husband are married, he may wish to leave some more assets for you. Moreover, it appears that your husband is even attempting to establish a relationship with his children. In such a scenario, we would certainly advise your husband to review his last Will.
We would also advise him to ensure the nominations on his bank accounts and investments are up to date. A nomination is a very effective tool which enables the nominee to access financial assets in the event of death enabling immediate liquidity to family members. However, it is important to remember that a nominee is a trustee for the legal heirs and family members must resolve this in case the nominee and legal heirs are different. The value of having a proper succession plan should not be underestimated. It is therefore recommended that your husband proactively reviews his existing Will and updates it to ensure it reflects the requirements of the present-day.
Jahnavi Dwarkadas is an associate partner at SNG & Partners.
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