Life never stands still. You might get married, welcome a new baby, or buy a beautiful new home. With all these exciting shifts, your Will written for the DIFC should keep pace.
An old will might not reflect your current wishes. Keeping it updated is one of the best gifts you can give your family. It gives you peace of mind and ensures your loved ones are cared for exactly as you intend.
Here are a few times in life when you might need to change your will:
A new family member arrives:
The birth or adoption of a child is a momentous occasion. Your will, established under the DIFC wills and probate Registry, acts as the formal instrument to appoint guardians for your child’s care and to create a trust for their inheritance. Regularly updating your Will guarantees that your child’s future remains secure.
You get married or divorced:
Marriage often cancels an old will automatically. If you do not make a new one, the standard rules of inheritance might apply, which may not be what you want. After a divorce, you likely want to remove your former spouse as a beneficiary and executor. A prompt update after these big life events is essential.
Your financial situation shifts:
Maybe you received a large inheritance or started a very successful business. Perhaps you sold a major asset. Significant changes in your wealth mean your old plans for distributing it might be outdated. Review your will to ensure your assets are shared according to your new financial picture.
A beneficiary’s circumstances change:
What if a person you named in your will passes away? Or perhaps a grown-up child you left money to is now financially independent. Life changes for your beneficiaries, too. You may want to adjust your will to name a new beneficiary or redirect their share to someone else who wants it more.
Your chosen executors move away:
The people you name as executors are responsible for carrying out the instructions in your will. If they move to another country, become ill, or your relationship changes, it can be hard for them to do the job. Check in every so often to confirm your executors are still willing and able to act for you.