When should you review your Will?
Updated: Jun 19, 2020
You should review your Will every few years and any time your circumstances change. You should ensure that your Will is always up to date and accurately reflects your current wishes to be carried out when you die.
You should especially review your Will:
If you have not reviewed your Will in the last 5 years.
When you get married or plan to be married. In Australia, marriage may revoke your Will unless the Will included a statement that it was made in contemplation of marriage.
If relationships break down. It is important that your Will states who you currently want to inherit your money and possessions when you pass away. Divorce and the end of a de facto relationship will revoke gifts to your former spouse. After separation you need to consider who you would now like to inherit your estate.
When you buy real estate. Estate planning should cover all of your assets including property. When an owner of real estate dies it is compulsory that the Supreme Court approve administration of the estate. Having a legally valid Will will make this process quicker and simpler by enabling application for a Grant of Probate.
When you have children or other loved ones that you would like to inherit part of your estate. A Will enables you to provide for your family and other loved ones as you see fit and on your terms.
To leave a legacy to a charity. Estates often include a fair amount of money that you will no longer need once you have departed. Australians often wish to leave a percentage of their estate to support their favourite charity and do some good in the world for the benefit of the next generation.
Contact Sandy Stuart, Principal Solicitor at Lightning Legal if you need to make or update your Will: 0432402797