It is important for everyone over 18 years of age to have a Will to make sure their assets are distributed in accordance with their wishes after they die.
If you don’t have a Will when you pass away, your assets will be divided according to the law in accordance with the rules of intestacy. If you die intestate (without a valid will) it is likely that your estate will be distributed in a way that is not in accordance with your wishes.
A Will is also the legal document whereby you can advise your family and friends your wishes on other important matters, such as who you want to be the guardians of your children. You can also specify your wishes for funeral arrangements and whether you wish to be buried or cremated.
Making a Will also shows consideration for loved ones, by putting one’s affairs in order and not leaving a problem for family.
Regularly review your Will
Preparing a Will is not a once-off event. It is sensible to review your Will regularly, and we suggest that this be done a minimum of every three to five years.
Changes in your life may create problems for others interpreting your wishes in your Will and may render your Will ineffective or even invalid.
It could be that a Will made many years ago is still appropriate, just as it may be that a recently made Will is now out of date.
Ideally you should review your Will annually, along with other annual events, such as lodging your taxation returns. It is likely that your needs and circumstances will change many times during your life and with those changes it is prudent to consider your Will.
Healthy Will checklist
There are a number of life events that can impact on your Will and which mean you need to revisit and update it.
Here is a checklist of life changes which can impact on the validity of your Will and which you need to consider in examining the legal health of your existing Will.
- Have you married? Or separated from your partner?
- Have you had any children?
- Is the person you named as executor, to carry out the wishes in your Will, still alive and well enough to do the job?
- Have the circumstances of any beneficiaries changed to make you reconsider your wishes, or have any of them died?
- Have you nominated any specific gifts that are no longer valid or don’t exist, for example, have you sold a property that you had left to someone in the Will?
- Have you acquired any new assets that you would want to make specific plans for in your Will?
Superannuation
At the same time as you check the health of your Will, you need to check your super and life insurance, which is often now a part of your super policy.
Many people assume their superannuation will be divided up in accordance with the wishes in their Will, but that is not necessarily the case. You need to look at your super policy to check how you have nominated that your super should be allocated, and that it is still allocated in the way you want.
At the same time, check the division of any life insurance you have in your policy, and update it if necessary.
Conclusion
The important thing is to consider your circumstances at every major personal milestone in your life.
Any Will you have made is likely to become out of date and no longer accurately represent your wishes in some way following changes in your life, possibly within a few years of drawing it up. It will depend on circumstances that are unique to you.
If you would like to discuss a new Will or changes in your circumstances and a review of your current Will please call us on (07) 3255 6327 or email [email protected].