Keeping a will up-to-date is crucial to ensure that your assets are distributed according to your most current wishes and that no potential legal issues arise after your passing. However, there are several challenges to doing so:
Life’s Changes: Major life events such as marriages, divorces, births, deaths, and significant purchases or sales (like a home or business) can necessitate changes in a will. Keeping track of these changes and updating the will accordingly can be a challenge.
Changing Relationships: As time goes by, your relationships with certain beneficiaries might evolve. Friends can become estranged, and family dynamics can shift. Reflecting these changes in your will can be challenging emotionally and logistically.
Asset Evolution: Over time, the value and nature of your assets can change. Investments can appreciate or depreciate, properties can be acquired or sold, and debts can be incurred or settled. Keeping the will in sync with your current financial landscape is an ongoing challenge.
Laws and Regulations: Legal frameworks related to estates and inheritance might change. These legal changes could affect the validity or execution of your will. Staying abreast of such changes and updating the will to comply can be a challenge.
Digital Assets: With the rise of digital currencies, online businesses, and digital intellectual properties, ensuring that these are included and updated in your will is a relatively new and growing challenge.
Overlooking Minor Changes: While major life events usually trigger a reminder to update the will, smaller changes can often be overlooked. These minor oversights can lead to disputes or unintended consequences later.
Physical Logistics: If your will is stored in a safety deposit box, law firm, or any secure location, accessing it to make regular updates can be a hassle.
Cost: Engaging legal professionals to make frequent updates to your will can be expensive. This could deter some individuals from making necessary revisions.
Procrastination: Often, people avoid thinking about mortality or consider will updates as a task that can always be done “later.” This delay can result in an outdated will when it’s most needed.
Multiple Jurisdictions: For those with assets in multiple countries or states, keeping the will compliant with the legal requirements of each jurisdiction can be challenging.
Lack of Awareness: Many people aren’t fully aware of the implications of an outdated will, leading to complacency about updates.
It’s essential to review your will regularly, ideally annually or after any significant life or financial event, to ensure it remains relevant and valid. While the challenges are numerous, the peace of mind in knowing that your wishes will be carried out as intended is invaluable.
Using a lawyer approved online will writing software like WillsMalaysia will ensure you can always keep your will up-to-date.
WillsMalaysia has partnered with Nirvana Asia via Yankee Life Planning Advisory through their online platform Central Funeral Care to offer comprehensive Pre-planning and Legacy planning services. This partnership aims to provide a seamless and thoughtful approach to end-of-life planning, ensuring peace of mind for members and their families. WillsMalaysia members qualify for a cash gift when you signup with Nirvana Asia via Yankee Life Planning Advisory. To learn more about our partnership of care click here.