Generally, your Will should be flexible enough to deal with a change in your circumstances. However, there are times when you should consider making a new Will including:
- The people named in the Will such as the Executor or Guardian has died;
- The Executor or Guardian becomes unsuitable to carry out their duties for some reason;
- You get Married, because Marriage revokes all Wills unless of course the Will is made in contemplation of a Marriage;
- You start living with a partner, as your partner may be entitled to some of your estate;
- There is a birth or an adoption of a child or a grandchild;
- You may want to add a Guardian to care for the new child, or you may want to leave the new child or grandchild a gift;
- If you separate from a Spouse or a Defacto partner, as a former Spouse or Defacto partner will still benefit from your Will;
- If you become divorced, because a divorce automatically cancels any gift to the former Spouse made in your Will, and you may still wish to give a gift to your former spouse;
- There is a change in the value of your estate or a monetary gift may not be worth the value of the gift, or you may wish to delete a specific gift in the Will; and
- You may decide to delete or add a beneficiary to their Will.
Life changes, and it's important to keep your estate planning documents up to date. A number of our clients use a significant date during the year, such as an anniversary or birthday, to run their eye over their Will and make sure nothing needs to be adjusted.
If you don't have a Will like around 50% of Australians, or you haven't reviewed yours for a while, give us a call on 1800 650 656. We're here to help in Bathurst, Oberon, Lithgow, and via Zoom.
Peter McManus | Solicitor