Question: “I am not writing my Will because it may be subject to many revisions and hence incur costs.”
Answer:
Like all financial planning tools such as insurance and investments, regular review is required to ensure these remain up-to-date and relevant. Similarly for Wills, it is necessary to review it in order to ensure that it remains relevant. Fortunately, a well written Will need not be revised and rewritten in most circumstances. If the estate planner is also a professional financial planner, the added advantage is that a financial planner has the additional expertise to pre-empt likely future changes and thus factor it into the Will.
Take for example, what will happen if the testator’s wife is found to be pregnant? Should the testator rewrite his Will due to the additional dependent? This issue can be easily addressed by including a clause in the Will that beneficiaries shall include ......