15 reasons to update your Will
If any of the below has happened to you, you may need to update your estate planning. So let's take a quick look at important triggers.
- A change to your assets and liabilities Purchase or sale of significant assets particularly if an asset addressed in your will has been sold.
- The birth of a child / their change of status Consider: the age at which your children should receive their entitlement under your will (e.g. 18, 21 or 25 years etc.)and/or appointing a guardian for any children who are under 18 when a child turns 18, you may change the ‘nature’ of their gift.
- Upon the death of your spouse, an executor or other beneficiary You simply cannot have deceased people written in your will.
- Your insurance The person you nominate to receive the payout may affect your will drafting.
- Your superannuation If you nominate a beneficiary of your superannuation, this may affect your will drafting.
- A change in your close personal relationships E.g. marriage, separation, divorce, entering into or leaving a de facto relationship.
- If any spouse, child or dependant suffers a disability or trauma Your will can ensure that the needs of this person are adequately provided for in the future.
- A change in how your assets are structured This may include moving significant assets into superannuation or a family trust.
- When any beneficiary marries or becomes a de facto Risk of their divorce or similar issues in bankruptcy might cause you to rethink.
- Setting up or selling a company or business Who takes your interest may not be a relative.
- Receipt of an inheritance If you have more wealth, the existing way to diminish it may no longer be sound.
- Loaning money to children or other family members Directions can be made in your will as to how any outstanding loan amounts are to be dealt with upon your death (e.g. deducted from that person/s share; forgiven) often to achieve “equality” or fairness overall.
- Grandchildren You may wish to make special provision for your grandchildren in your will, including establishing trusts (e.g. monies to be held in trust until they reach the age of 18, 21 or 25 years etc.).
- Issues with relationships between executors It is important that the executors whom you appoint have a good relationship with each other, otherwise dealing with your estate can be a challenging and lengthy process.
- Pets Provision can be made in your Will as to how (and by whom) your pets are to be cared for upon your death.
We recommend that you review your will at least every three years and update when there is a significant change in your circumstances
We thank Clinch Long Letherbarrow Lawyers for this article.
If you wish to establish a Family Will please call our In House Solicitor, Sarah Hatch on (02) 9904-4222 or email Sarah.Hatch@tauruslegal.com.au
Synchron is not responsible for advice provided by Solicitor Sarah Hatch of Hatch & Associates Pty Ltd.
The information contained in this newsletter is of a general nature only and does not take into account your particular objectives, financial situation or needs. Accordingly the information should not be used, relied upon or treated as a substitute for specific financial advice. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided. Taurus Financial Services Pty Ltd its directors or staff, nor its employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.