Securing Your Future – The Importance of Updating Your Will
Wills are vital to ensure that all your affairs are appropriately managed, and all your wishes are upheld. However, while establishing a Will is important, it’s not a ‘set and forget’, it is equally as important to ensure your Will is maintained. Updating these documents regularly every time you experience a notable life change, including, but not limited to, marriages, babies, divorces, and so on and will ensure that your wishes are carried out if the worst should happen.
It is easy to demote the importance of a Will or place it as a 'someday' task, that many of us will never get around to. However, while we advise you to always have a Will in place, in times of considerable uncertainty like what we are currently experiencing, establishing peace of mind for you and your family has never been more important.
We here at Voice Lawyers recommend that you review your Will every 18 months. This ensures that we can keep track of all recent financial, relationship, and situational changes and ensure that your Will is as aligned with your values and desires as possible.
Ultimately, for your Will to survive and still be relevant when it is implemented, regular reviews and updates are essential.
The following article delves into an explanation of maintaining your Will to promote peace of mind for all parties involved.
First things first, what is a Will?
A Will is a document that enables your assets to be divided in a way that serves your wishes, after your death. It is a legal document but is not compulsory to have; although highly recommended to the confusion of your estate's distribution after you pass. If you die without a Will you will leave what is called “intestacy”. This means your assets will be distributed in accordance with the law. In these circumstances, your assets might not be distributed to the people you would choose, and you have no control over who distributes the assets.
It is advised that you seek legal guidance when establishing and updating your Will, to ensure it is as relevant and strong as possible to serve your wishes when the time comes for its execution.
How do I know if I need to update my Will?
There is an extensive list of reasons that should see your Will be updated. With regular revisions, all notable life changes can be kept track of in an attempt to make your Will as relevant as possible. Below is a list of just some reasons that would require your Will to be adjusted.
end of a de facto/registered relationship
new family members (children or grandchildren)
beneficiaries on your existing Will pass away