The idea of making a Will and having to think that far ahead can seem like a hassle and a little unnecessary. In fact, the opposite is true; planning ahead can often save you thousands of dollars and weeks of extra stress in the event of an unforeseen occurrence.
Here are our top 5 considerations
1. Changes in your relationships or family
Life is full of major events that can add new people in your life through births, adoptions and marriages, or people may no longer be in your life due to death or divorce. It’s especially important that if you have children under the age of 18 that you review your Will and name a guardian or guardians in the event of something happening to you or your spouse.
It also pays to go through your list of heirs, representatives, guardians, trustees or executors and consider whether their circumstances have changed in some way. For example, are they still of sound mind and capable of serving in the assigned roles? Have they passed away? These are some reasons you may need to update your Will immediately.
2. Changes in Assets
If your estate has experienced a substantial increase or decrease in value, it is essential that you take another look at your Will. Perhaps you have bought or sold a major asset or started a business? In addition, you may have new insurance policies or pension plans for which you can name beneficiaries in your Will.
3. Changes in location
If you have moved out of the State or Territory where you executed your Will, you should consult a lawyer in your new location to determine whether it is still valid. State laws regarding Wills vary, and you shouldn’t assume that your old will meets your new State’s requirements.
4. Changes in tax laws
Tax laws are constantly changing, so you need to be aware of any changes that may affect your estate plan. Staying informed and consulting a lawyer who specialises in Wills and estate planning will ensure you are kept up to date with any changes.
5. Regular check ups
If you haven’t looked at your Will in a year or more, right now is a good time to start your review. It’s good practice to review your Will yearly. People often decide to review their Will at the end of the fiscal year, while also looking at tax planning. Remember, finances and estate planning go hand in hand, so it’s the perfect time to review your Will and make sure all of your affairs are in order.
If you’d like help with creating or updating your Will please call us to discuss on
07 3284 9433 or email email@example.com