Writing a Will is a key part of the estate planning process and it is highly recommended that all adults should have a professionally prepared Will in place.
However, once you have written your Will it is important not to just put it out of sight and forget about it. Your circumstances don’t remain frozen at the point at which you wrote your Will – life moves on, circumstances change, and it is important that these changes are reflected in your Will.
You should therefore carry out regular reviews of your Will to make sure it continues to best represent your wishes and circumstances. It may be that after reviewing your Will you decide that no changes are required, but at least you will have peace of mind knowing that your Will remains up-to-date.
In addition to periodic reviews, there are certain life changes that should always prompt a review of your Will and are likely to lead to the need to make changes. These include:
- A change in marital circumstances. If you are newly married, your marriage automatically cancels your previous Will. You will probably also want to amend your Will to include your new spouse. Alternatively, if you have divorced or separated you might want to remove your ex-partner as a beneficiary.
- Having children. You can include specific inheritances to be left to your children, and also use your Will to nominate who should look after your minor (under 18-years-old) children in the event that both parents pass away.
- The death of a spouse. If your spouse was the main beneficiary under your Will, then you may need to amend it to include the names of any replacement beneficiaries.
- A significant increase in the size of your estate. If your wealth increases then you may wish to revisit your inheritance plans to see if there are more tax efficient ways of passing on this wealth to your beneficiaries.
Contact Us
Szabo & Associates, Solicitors can offer expert advice on a wide range of legal matters, including contesting, making or updating a Will and preparing a Power of Attorney. Please call George Szabo on (02) 9281-5088 or fill in our online contact form.