If you have documented your wishes that are to be carried out after your death in the form of a will, you will need to review it periodically.
Having your estate and finances distributed to people of your choosing can be handled legally by way of a will. However if your circumstances change you may want to alter things like beneficiaries or change assets that are bequeathed to a specific person.
Life brings about many changes and there are a number of instances where you may need to amend your will from its original form. Intentions and wishes change, your situation can alter, or maybe the intended beneficiaries die before the will comes into effect.
Preparing your will online means that it can be amended quickly and easily to align with your most recent wishes. The general rule of thumb is that your will should be reviewed every 5 years, or after any major life changes.
There are other circumstances where you may wish to make alterations but the typical reasons are changes like :
- if your named executor dies
- divorce or separation
- getting married (which cancels any previous wills)
- moving house
- having children
- changes in inheritance tax
- new assets/sale of assets
- change of beneficiary
How do I make necessary changes?
For traditional wills (i.e ones that are not written using an online service) amendments are made to the original document with an instrument known as a 'codicil'. A codicil is a separate document that is attached to the will to record changes.
This allows adjustments to be made and legally updates the will to include the new instructions. Alterations can be made as needed and there is no limit to the number of codicils that can be added.
The downside of using this method is that the details contained in the codicil may conflict with original instructions leading to confusing or misleading information that could be contested in court. This is especially true if there are a number of codicils attached to the original will.
In addition, adding codicils can involve consulting with a solicitor and paying for the preparation of paperwork and filing fees associated with making the changes. Making the process both time intensive and expensive.
As this method is not the most convenient, it can lead to changes not being made imminently. Resulting in the will not reflecting the most up to date wishes of the holder. This can mean that from a personal standpoint the will is outdated, but in the eyes of the law the information will be regarded as accurate.
Writing and changing a will online
Making a will online is a simpler more streamlined method of documenting your wishes. Affio's software has been developed in coordination with legal experts to make the process as straightforward as possible. One of the advantages of drafting your will in this manner is that it is always readily available to review and make changes if needed.
Wills are stored securely and are protected with the same level of encryption that is used by financial and banking institutions, ensuring your information is completely safe and accessible when you need it.
Owing to the outdated and sometime confusing issues that arise from using codicils, Affio adopts a policy of creating a new will each time that changes need to be made. This means that your wishes are up to date, and there is no risk of any confusing information that could lead to your will being challenged in a court of law.
How often can I make changes?
As with a traditional will there are no restrictions to how many changes or amendments you can make to your online will. As life or circumstances alter you can access and easily change your will to align with your new wishes. It is wise to review and make revisions after a 5 year period or following any major life changes just the same as with a traditional will.
Affio offers free lifetime updates where your will can be changed or adjusted as many times as you like, giving you the chance to get it 100% correct. This service is FREE and it gives you the opportunity to alter any items as you see fit to keep your will fully up to date.