Importance of a current will

Nobody likes to think about what will happen when they die, but writing a will is one of the most important affairs that people should have in order.

There is no better time to do this if it hasn't been done already than in retirement.

Taking stock of where your finances are at is a worthwhile task at any stage of life, but even more so in retirement when you'll likely be on a restricted income.

Ensuring your family is well looked after when you are gone is a good idea, as you can make provisions for their futures through putting together a will.

This might include taking out funeral insurance and making your wishes known as to how you want assets to be divided after you have passed away.

Even if you have written a will earlier in life, it is worth reviewing it just in case your situation may have changed.

For example, if you have filed for divorce, taken on step-children or had some other shift in your family arrangements, then these will all need to be reflected in a current will.

Failing to do this can create all sorts of issues once you are gone, leading to disputes and potentially meaning that not everybody receives what you would have wanted them to.

Another situation that may arise is where you have appointed a trustee or executor that you are no longer in contact with, after all, you want someone you can trust looking after your affairs.

People often think they don't need a will and that their assets will automatically be divided as they would wish - but this is not the case.

Never presume that your next of kin will receive what you would have wanted them to unless it's written in black and white, as this is the only real chance you have of your wishes being realised.