A Will and Testament outlines your wishes for your estate (your assets and property) after you pass on. Even though we all eventually will pass on, we often find people put off updating their Will (or worse don’t draft a Will at all) because they think drafting a Will should be done once. However, life rarely goes according to plan so it’s important to update your Will to ensure your estate is distributed as you wish.
When should you update your Will
Has someone passed away? Did you have another child or grandchild? Did you get married?
Updating a Will in Victoria should be done regularly to avoid confusion, delays, extra fees and family feuds. The Wills & Estates lawyers at WJM recommend reviewing and updating your Will (if necessary) every five years or when there is a significant life event in your life.
Situations that may change your Will in Australia
A Will only expresses your wishes at a set time in your life so your Will must be updated as your life changes. There are many significant life events that you may encounter which may lead you to change your Will:
- Marriage or entering a de facto relationship
- Having a child or grandchildren
- Your own children are getting married, divorced or having kids.
- Getting divorced from your partner.
- Your partner passes away before you.
- If your executor or beneficiary dies or cannot fulfil their duties as your executor.
- If your financial circumstances change significantly (purchasing or selling businesses, assets or investments).
Every significant life event you experience may not necessarily mean you need to change or update your Will. However, ensure you are aware of the potential consequences of not updating your Will after a significant life event.
Compassionate Wills & Estate lawyers in Geelong
Reduce the risk of an invalid Will or family members contesting your Will with guidance from experienced Wills & Estate lawyers at Whyte, Just & Moore. Our experienced Wills & Estate legal team can prepare your Will and advise you on making legal changes to your Will.