Many people regard writing a will as a “set and forget” activity. They write it and then forget about it, safe in the knowledge that they have expressed their wishes for what happens to their affairs after they die.
In reality though, it is important to revisit your will at regular intervals to make sure that it continues to accurately reflect your situation, priorities and wishes.
Here are some reasons that could prompt you to update your will...
Your personal situation changes. This could include things like...
- A change of name through marriage or by choice
- A new significant relationship
You enter into a marriage, de-facto or other legally recognised relationship, or you wish to acknowledge a domestic partner who may not be recognised otherwise
- Your family expands to include children (including step children or foster children) or other dependents
- You wish to provide ongoing care for a pet
- You end a marriage or relationship and wish to change the provisions you’ve previously made
- You wish to include instructions regarding organ donation or funeral arrangements
Your business or financial situation changes...
- You enter into a new business or your business structure changes and you wish to recognise business partners or colleagues
- Your financial situation changes and you have specific ways in which you would like matters to be handled
Aspects of your current will no longer reflect your wishes...
- Your nominated Executor dies, or becomes unable to fulfill the duties required of an executor due to age or circumstance
- Relationship changes mean a change of Guardianship arrangements or your nominated Guardians cannot fulfil their duties
- Your relationship with previous beneficiaries changes or you wish to have additional beneficiaries
- Assets or possessions that you were going to leave are no longer yours,
- You wish to include a charity or organisation in your will
As you can see, there are many life changes that could prompt a review and update of your will. Your loved ones will want to make sure that they carry out your wishes, so it is important that you leave clear instructions that accurately reflect how you would like your estate handled.
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice