Reviewing your Will
So often a will is drafted and then left for decades even when direct relationships end. However it is important to review your circumstances and those of your executors and beneficiaries every few years.
The following is a checklist of circumstances to keep in mind when reviewing your documents.
Even if some of these circumstances apply to you, you may not need to make any changes to your Will. However, if you have any queries, please do not hesitate to contact us for clarification.
It is important to note that, unless stated otherwise in your Will, divorce/marriage does automatically revoke your Will.
YOUR IMMEDIATE FAMILY
- Marriage, divorce, separation, death of a spouse
- Entering into or ending a de facto relationship
- Birth or adoption of a child or grandchild
- Children no longer minors
- Moving interstate or internationally
PEOPLE MENTIONED IN THE WILL
- Change in relationships – becoming estranged/ forming new relationships
- Death of a beneficiary/ executor/guardian
- Change in location of guardian/ executor
- Change in financial circumstances of beneficiary/ executor/guardian (including bankruptcy)
- Change in personal circumstances of beneficiary/ executor/guardian
- Incapacity/ aging/ ill-health of a beneficiary/ executor/guardian
- Beneficiary/executor/guardian becomes insolvent
- Beneficiary becomes involved in a financial/ family law dispute (eg divorce)
YOUR FINANCIAL CIRCUMSTANCES
- Significant increase in assets
- Significant decrease in assets
- Increase in debts
- Change in ownership structure of assets
- Sale of significant assets
- Purchase of significant assets
- Significant inheritance
- Creation of a trust
- Creation of a business
By Catherine Hopkin, October 2018
The information in this article does not constitute legal advice and should not be used as such. The information provided in this article is not intended to be comprehensive and is intended to provide general information only.