A Will is not something you make once and forget. Life changes – and if your Will does not keep up, your wishes may not be carried out the way you intended. Here are five good reasons to make a Will, or to review the one you have.
1. You don’t have a Will yet
If you die without a valid Will, Victorian law (the intestacy rules) decides who inherits your estate. The result may not reflect your wishes, and the process is often slower and more costly for your family.
2. You have married, separated or divorced
In Victoria, getting married generally revokes an existing Will unless it was made in contemplation of that marriage. Divorce generally revokes gifts to, and the appointment of, a former spouse – but separation alone does not. Any change in your relationship is a good time to review your Will.
3. Your family has grown
The birth of children or grandchildren, or a change in a family member’s circumstances, may change who you want to provide for – and who you would want to care for young children.
4. Your assets have changed
Buying or selling property, starting a business or receiving an inheritance can all affect how your estate should be structured. Remember that superannuation and jointly owned assets do not automatically follow your Will, so they need to be considered separately.
5. Your executor is no longer the right person
If the person you appointed has moved away, become unwell or passed away, or if you have simply lost touch, it is time to choose someone else.
Don’t forget your Powers of Attorney
A Will only takes effect after you die. An enduring power of attorney and an appointment of a medical treatment decision maker make sure someone you trust can make financial and health decisions for you if you are ever unable to make them yourself.
As a general rule, it is wise to review your Will every three to five years, and after any major life event.
How we can help
We prepare clear, carefully drafted Wills, Powers of Attorney and estate plans for individuals and families. To make or update your Will, get in touch or call (03) 9562 0811.
This article is general information only and is not legal advice. Every situation is different – please contact us for advice about your circumstances.