9 Reasons you might need to review your Will?

A will is an important legal document that outlines your wishes regarding the distribution of your wealth and the care of any dependents after your death.

An out-of-date will can cause just as much conflict and confusion for your loved ones as not having a will at all.

There are several life events that should prompt the review of your existing will, including:

1.   If you marry – when you get married, your will is revoked (unless it is expressed to be made in contemplation of marriage).
2.   If you divorce – divorce generally cancels any bequests made to a former spouse and the appointment of a former spouse as executor, trustee or guardian is revoked. However, the existence of shared children may mean that you would still like to provide a benefit to the former spouse. It can also lead to complications if your will has not been updated to include a new relationship.
3.   If your relationships change – if you enter a de facto relationship or have a partner or family member come and live with you, you might wish to make specific provision for them to ensure their living situation is not impacted.
4.   If you have children come into your care - If you have minor children, a will lets you designate a guardian who will be responsible for their care and also dictates how they will be provided for financially in the event of your death.
5.   The passing of a loved one – if a person is named as a beneficiary, executor or guardian in your will and that person dies before you, you may need to update your will to ensure certainty as to who will replace this person in their named role.
6.   Change in your financial status – this might be a significant increase or decrease in your asset position. This might occur through receipt of an inheritance or a windfall gain or the sale or winding up of a business, whereas a diminution in your asset position might be caused by a failure of an investment etc.
7.   Children coming of age – you might wish to change your will to include your adult children as executors of your will. You might also have named guardians for your children that may no longer be needed. The question as to who should control testamentary trusts should also be revisited.
8.   Beneficiary circumstance – any changes in your beneficiaries circumstances including their personal wealth or their need for financial support, should also prompt a review of your will.
9.   Illness – medical changes for both yourself or loved ones might prompt a review of not only your will but your Enduring Power of Attorney or your Advance Health Directive.

In summary, preparing a will is a crucial step in ensuring that your assets are distributed according to your wishes and that your loved ones are cared for. However ensuring that your will addresses your current wishes and the current needs of your beneficiaries is just as important.

Loretta, Charlie, Phil, Sue, Lisa and Leon in our Wills and Estates team can review your current will and provide advice as to whether an update is necessary.