Why Is It Vital to Keep Your Will Up to Date?

Your Will is one of the most important documents you will ever write. However, there are a number of factors that can invalidate a Will, therefore, it is essential to keep such an important document up to date.

Failing to keep your Will updated can result in the document becoming invalid resulting in a loss of your inheritance to your intended legatees. While making a Will is an important first step, it is important to not be complacent and think that just because it is made, you are covered. It is imperative that your Will continually reflects your changes in personal circumstances.

Maintaining Your Will: Potential Legal Challenges

Failure to keep your Will up-to-date can affect how your Will is administered and could affect succession planning relating to: companies and trusts; testamentary trusts; tax savings regarding any children; donations to charities and the loss of family heirlooms.

If a Will is not updated regularly it could also result in a legal challenge from someone who was omitted as the Will was out of date. For example, your Will could grant a portion of your wealth to your two nephews that were born before it was created but omit a third that was born after the creation of the document. An out of date document could also give assets to a former partner or someone you no longer wish to inherit your estate.

Contact Us

If you require legal advice regarding the creation of a Will or if you wish to have your document reviewed, contact us today using our online contact form or telephone George Szabo on 9281 5088.