Beneficiary risk: The new reason to change your will

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Beneficiary risk

Charlotte Lockhart, sales and marketing director at trustee company Perpetual Guardian, said changes in the lives of the testator’s beneficiary was a little-recognised reason to change your will.

This can be termed beneficiary risk, and it is very real in a country where many people own their own businesses, and have signed personal guarantees with lenders like banks.

Many people change their wills multiple times in their lifetimes, though in some lifetimes, just one will may be enough, said Johnston, “It depends on the kind of life you lead. Some people go through life and have a very stable time of it. Other people have lives that are full of change, including changes to relationships.”

There are ten basic reasons to change a will. Read them here.