How often should I update my Will?
Effective estate planning offers certainty as to how your property and possessions will be distributed after your death. However, it is important to recognise that a Will is largely confined to expressing your wishes at a particular point in time. This means that to make sure your loved ones are effectively protected, your Will needs to be regularly updated. Before your Will is altered it is recommended that you consult an estate planning lawyer to make sure that your wishes are correctly implemented.
So when is the right time for a Will update?
Taking into account the various circumstances that may give rise to the need for you to update your Will, there are two key things that should make you think about reviewing or altering your Will. Firstly, if your relationships change and, secondly, if your financial circumstances change.
We will briefly highlight a few examples of often overlooked factors that should make you consider if your Will needs to be revisited.
Falling under the category of a change in relationships, this might include if you have had children, if a current beneficiary has passed away or if your Executor is no longer able or willing to act in such a role.
Typical examples in respect of changing financial circumstances include, if you no longer own the assets gifted in your Will, if your assets have substantially increased or if your superannuation structure has changed.
Proper advice from an experienced Will update lawyer can help ensure that your Will does indeed have its intended effect and/or is updated to suit your current circumstances.
If you would like further information, please contact an estate planning lawyer on 9635 7966 or through the website www.matthewsfolbigg.com.au