A Will is a legal document which records your intentions as to who receives your assets, who will manage your affairs and who will look after your children after your death. If you do not have a Will at the time of your death, the above matters will be determined according to the laws of intestacy (i.e. having no wills). The manner of distribution under the "no-will" laws may not match your intentions.
When to Make a New Will ?
An existing will can be replaced by a new will. People make a new will because of the following possible reasons:-
- having just got married. Marriage revokes all earlier wills. No will may be needed.
- separation with the spouse, divorced or spouse's death.
- having a new child.
- having a big fortune e.g. inheritance, mark-six lottery winning.