It is important to keep your will updated so that your wishes can be carried out after you have passed away. The wishes that you set out in your will are carried out by your executor, usually with the assistance of a legal professional. We recommend reviewing your will periodically and updating your will when your circumstances change.
Common changes to circumstances where a will may need to be updated include:
Changes to your Family Situation
- Marriage or entering a de facto relationship
- Divorce or separating from a de facto partner
- Having additional children or step-children
Changes to your Executor or Beneficiaries
- You change your mind regarding your executor or beneficiaries
- Your executor passes away or is no longer suitable to act due to age or health
- A beneficiary passes away
Changes to your Financial Situation
- The nature of a specific gift has changed (e.g. you have sold a property that was to be gifted to a beneficiary)
- Drastic changes to your financial circumstances (e.g. inheriting a substantial amount of money)
The best approach with estate planning is to be proactive and make changes as and when they become required. If you lose capacity, you will not be able to update your estate planning documents.
If you do not currently have a will, it is important to have one prepared so that you can control what happens to your estate after you pass away, otherwise the applicable intestacy provisions would determine how your estate is distributed.
When you prepare a will, it should include a clause revoking all previous wills. When your previous will is revoked, it is as if you never created it.
If you think it is time to update your will or if your circumstances have changed and you would like to review what you have in place, call us to arrange an appointment with our experienced Estate Planning team on (02) 4944 3322.
