Updating your Will regularly is a vital exercise to ensure your own peace of mind and that of your heirs and loved ones. The exercise should not take long, is provided at no cost by Appleton and your updated Will will be stored safely, again at no cost to you.
There are five key reasons to update your Will and to review this vital document regularly:
- Any change in marital status requires a change in your Will. Please check your marriage contract, (community of property, ante-nuptial contract, with or without accrual, or if you are married under Sharia for example).
- Any change to your family such as the birth of a child, or grandchild that you wish to cater for. Bear in mind too, that a testamentary trust may be desirable or required.
- Any change in your asset base, such as the purchase or sale of a property, or a life right, or a share portfolio for example.
- Any change in your professional life, such as the investment in, or disinvestment from, a business.
- Finally, your heirs’ needs may change over time and thus you may wish to change your Will to cater for these new needs and circumstances.
Please take the time to review your Will today and contact us for a no-cost and no obligation Will review to provide you with estate planning peace of mind.
The second New Year’s resolution is to update your Life File.
A life file contains important information about you, your loved ones and your assets. It is a central storage facility for one’s legal, personal and financial documentation enabling your loved ones to locate essential documents at a time of need. Knowing that your affairs are in order brings peace of mind not only to you, but also to your family.
Having a life file will help those you have left behind deal with matters in an organised and less traumatic manner. With a life file there’s no need for family to wade through documentation and have the daunting task of obtaining all documents.
A life file will ensure that all necessary documentation is on hand for the proper administration of your deceased estate.
What should be included in a Life File?
- Personal information
- Financial information
- Estate planning documents i.e. Will, Living Will, Wishes
- Property and assets
- Insurance policies
- Digital assets i.e. access to information including password protected electronic equipment
- Medical details/reports
- Other important documents
- Business owners should include additional documents such as the shareholders’ agreement, share certificates, details of signing power on bank accounts, details of the business accountant and a set of the latest financial statements.
A life file is a ‘living’ file that should be updated continuously. It is a personal and ongoing process. Regularly review and update your life file to reflect any changes in your circumstances or preference.
If in doubt, please speak to your Wealth Specialist, Wealth Planner or Financial Advisor for more details.
Appleton wishes you a happy, peaceful and blessed festive season!