With the new year fast approaching, now is a good time to start thinking about revisiting your will and making updates in light of your current circumstances. It’s a good idea to review your will regularly to ensure it accurately indicates your intentions, annually is ideal, so why not make it your New Year’s resolution?
There are a number of reasons why your will may have become outdated. Have you just purchased your dream home in Mooloolaba? Did you purchase a new car before moving interstate to Brisbane?
Let’s discuss three situations that might cause you to rethink your will.
1. Someone has entered or left your family
From time to time, we will face the unfortunate reality of losing a loved one. If this happens, any assets that were gifted to them in your will should be reconsidered and distributed elsewhere. In the case of a divorce, a bequest to your former spouse will be nullified; so if you would like them to remain a beneficiary, a provision for an ex-spouse must be clearly stated.
Alternatively, you may have had the joy of welcoming someone new into your family; perhaps the birth of a child, grandchild or an adoption. In this case, you may want to update your will to include a gift for this new addition.
2. Your estate has changed
There are times when your estate may change dramatically. You could have received an inheritance yourself or improved your own financial position. The reverse is also possible, and your assets may have reduced. You may have also sold or disposed of an item (for example your land on the Sunshine Coast) that was specifically given to a person. This is a very important update, especially if there were particular reasons behind your gift which will now fail.
COVID-19 has upended many people’s lives in significant, sometimes traumatic ways. If these challenges have changed your perspective on what is most important to you, having another look at your will might be worthwhile.
3. Changed your mind
There is always the possibility that you will change your mind about how you wish your estate to be distributed. This might happen because significant changes in your circumstances have impacted your estate, for better or worse, and you want to change the terms of your will, as mentioned above.
It may simply be that you had a change of heart over some aspect of it, one way or another, and you want your will to reflect your new priorities. For example, nominating a new charity for a bequest. It’s your will and your estate, and you have the right to express your wishes for how your assets ought to be allocated at all times.
You might also want to reconsider who you have nominated as your executor or if you have young children to consider, change the person you appointed to become their guardian in the event of your passing.
If you do decide to make a change to your will, it is absolutely essential that it is done properly to ensure the changes are valid and binding.
Contact us today and let our team help you through the process.