When is it time to reconsider your existing Will?

It is estimated more than half the population have a Will. So, when is it time to reconsider your existing Will? And do you ever need to? In the 2015 report Having the Last Word? Will Making and Contestation in Australia, researchers found not all Wills reflect the current intentions of the maker. If this is the case, then it is definitely time to reconsider your Will (and possibly make a new one).

However, are there other times when you need to reconsider your Will? The answer, simply, is ‘Yes‘.

It is important to reconsider your Will when certain life events occur. At these times, your Will may not reflect your change in circumstance. Such life events include:

  • If you change your name or anyone named in the Will changes their name;
  • If an executor is no longer willing or suitable to act due to age, illness or other reason;
  • If an executor or beneficiary dies;
  • If you have left specific property to a beneficiary and you have subsequently sold that property, or the property has changed in its nature;
  • If you or any of your named beneficiaries marry, divorce, experience matrimonial problems, have children, or enter into a de facto relationship;
  • If you commence a new business;
  • If you set up a company and or a trust;
  • If you live permanently overseas or in another State.

A Will should not be a static document which is made, filed away and never looked at again until after you have passed away. Rather, a Will should be a document to be reviewed, reconsidered and remade (if necessary) at various times throughout your life and as your intentions change. This lifelong process occurs as your circumstances and intentions change while you move through different stages in your life.

If it is time to reconsider your Will, contact Avuri Lawyers on 0402 912 962 or info@avurilawyers.com.au to make an appointment.