How often should I update my will in Queensland?
You should update your will following significant life changes. Examples include a marriage, a common-law relationship, or divorce. Other reasons to have a will review include the birth or adoption of children or grandchildren, the addition of new assets, or the loss of an executor or beneficiary.
So…you have a will. It has been stored away in a safe place for several years. However, during that time, you have experienced a few life changes that may impact your estate. Now is the time to update your will.
When To Update Your Will
If you are not clear on what circumstances should inspire you to seek a review of your will, here is a short list of a few of the most significant reasons to update your will.
Marriage or Divorce
In simple terms, your financial situation changes when you get married, enter into a common-law relationship, or get divorced. Each of these changes to your marital status may render your previous will invalid. In the case of a common-law relationship, your partner does not receive the same automatic inheritance rights as a spouse, which requires a will update to address this situation. As for divorce or separation, your spouse will retain inheritance rights unless you update your will to state otherwise.
Birth of children or grandchildren
Whether you have children of your own or adopted, your family has grown, and your will needs to reflect that. If part of your estate planning includes leaving assets to your children or grandchildren, your will should be current to outline your wishes. The same applies if you intend to appoint a guardian to care for your young children should you pass away early in their lives.
Buying or selling significant assets
The moment you purchase a new home, business, or investment property, you should also review your will. The addition of new assets will impact the value and structure of your estate. Plus, if you intend to have specific portions of these new assets go directly to certain beneficiaries, the only way to ensure that happens is with an updated will.
Changes to beneficiaries or executors
Finally, beneficiaries or executors change over time. The most common way this happens is if one passes away. Should this happen, you should update your will as soon as possible, naming the new individuals filling those roles. As the executor is responsible for managing your estate, it is vital to update your will with a new executor. If you do not, the court may appoint one to fill the place of the one you lost, and there is no guarantee the court-appointed executor is going to manage your estate as you had wished.
Your Will Needs To Be As Current As Possible
One of the best ways to keep on top of the status of your will is to have it reviewed once a year. That way, if a major change has happened in your life that may impact your estate and how it is distributed to your beneficiaries, it can be updated to reflect those changes. The last thing you want is to have a will so outdated that your estate plans are not met as you intended. The only way to avoid that is with regular will reviews. It may sound complicated, but it really isn’t. All you are doing is making sure your loved ones are getting treated as you want them to, without having issues in court about your estate.
Do You Need to Update Your Will?
Have you had a life event that changes the current details in your will? If so, contact the wills and estate lawyers in Redcliffe at GKS Law today. They can discuss reviewing your will, changing your will, and can assist by updating your will. For more information, contact GKS Law today.
Conclusion
Although it is identified as the last will and testament, a will can and should be updated when life changes happen, altering how your estate looks and where it will be distributed after you pass away. Getting married, divorced, or entering a common-law relationship will change your estate, as will the addition of new family members, increasing assets, or the loss of an executor or beneficiary. All of these situations require an updated will to address the changes. When your will is current, you remove stress, worry, and fear from the minds of your loved ones.
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