So you have done the right thing and made your Will. The kids are looked after, you can sit back and relax, right? Wrong! Just as important as making a Will is making sure it is still valid. You should review your Will regularly to ensure that it is still relevant to your circumstances. To update your Will doesn’t have to be a painful experience. In this week’s blog we have put together some questions to consider when reviewing your Will so it can stay up to date and not out of date.
Have your personal circumstances changed since your Will was made?
Have you married since making your Will? If you stated in your Will that it was made in contemplation of your marriage then your Will is still valid. However, if you didn’t and you marry after making your Will, your Will is revoked and no longer applies. You will need to update your Will.
Have you divorced after making your Will? If you have appointed your former spouse as executor this is now invalid and will no longer apply. Any gift left to your former spouse is now invalid and will no longer apply. You will need to update your Will.
Your Will is only considered invalid if you have divorced. Therefore, t is important that if you have separated but not yet divorced that you update your Will. Otherwise if you pass away before a divorce is granted your former spouse may still inherit.
Consider Your Nominated Executor and Guardian
You should consider whether your nominated executor is still the most suitable person for the job. Are they still in good health? Are they still capable of being your executor? Do you still get along with them? If you answered no to any of these questions you may need to update your Will.
If you have young children, you should consider whether your nominated guardian is still the most suitable person. Are they still in good health? Do you still have a relationship with the guardian? If you answered no to these questions you may need to update your Will. Or it may be that an older child is now old enough to be guardian for their younger siblings.
Have you left specific gifts in your will?
If you have left specific gifts in your Will it is very important that these gifts are reviewed to ensure that the gift is still valid. If you no longer own the specific gift then the gift is invalid and your beneficiary will receive nothing. Questions to ask:
If you left an amount of money to a beneficiary is the estate
still large enough to pay this amount?
If you left a particular item to a beneficiary do you still own the item?
Do you still own property left as a gift? Has the property gone up or down in value?
If you left money to charity, does that charity still exist? Does it still do the charitable work that you wanted to support?
Have your financial circumstances changed since making your Will?
If your financial situation has significantly changed since making your Will you need to consider if it still meets your beneficiaries needs. Would your beneficiaries benefit from having the option of a testament trust?
As you can see, reviewing your Will doesn’t need to be a painful experience. It can give you peace of mind that your family continues to be looked after. If your Will is out dated, Sharpe Legal and Conveyancing are able to assist you to update your Will. We are also happy to review your Will and discuss with you whether it does need to be updated. Call our office today to see how we can help you on (02) 4605 1501.