Do you already have a Will? If so, when should you update it?
You may need to update your Will if any of the following changes have occurred to your circumstances:
- You have married or divorced since you made your last Will: If so, you now effectively have no Will because marriage or divorce automatically revokes a Will.
- You have started living with someone: If so, you should be aware that people who qualify as a defacto partner may be entitled to bring a claim against your estate if you do not provide for them.
- You have had a child, or more children (via birth or adoption): Does your current Will consider all of your children? If you are unsure, you should engage a Lawyer for advice.
Other situations that may require an update of your Will are:
- If your executor has died, become ill or incapacitated: If your Will does not provide for an alternate Executor, you should update your Will to avoid complications with your Will after your death.
- You own a business, or have a family trust, or you have a self-managed superannuation fund: It is important to ensure your business, family trust and/or self-managed superannuation fund has the appropriate provisions in place to ensure the continuity of the entities on your death.
- Overseas Will: If you have overseas assets or a Will from another country, you should seek legal advice about how your Australian and overseas assets can be dealt with without causing complications after your death.
If any of the above changes have occurred, and you have not updated your Will accordingly, please contact us and we will be happy to assist you.