Common reasons to Update your Will

as at 13 May 2021
You have made a wise decision and have prepared a valid Will, but have you considered when you may need to review it?
It is important to review your Will at least every 5 years or as your asset mix changes to make sure that your Will still reflects your circumstances and wishes.
There are also some events that may occur that also bring about the need to review your Will and these are:
1. A person named in your Will has died:
a. Executor
b. Guardian (for children under 18 years)
c. Beneficiary
2. Your personal circumstances change:
a. Marriage / de facto relationship
b. Birth or adoption of children
c. Birth of grandchildren
d. Divorce or separation
3. Asset changes:
a. Increase/decrease in financial circumstances
b. You no longer own particular items you have gifted
c. You “loan” money e.g. to children
d. Buying and selling property that is owned in different names
4. Your wishes have changed
a. You no longer want to leave items to a particular person
b. You have additional gifts you would like to make
c. You wish to make a gift to a charity
d. You wish to alter estate distribution
e. You want to appoint a different Executor
If any of the above scenarios apply to you, then it is a good idea to come in for a chat with a view to updating your Will.

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