When Is The Right Time To Update My Will?

Wills are not documents designed to be locked away in a vault until the death of the Willmaker. Instead, there are a wide variety of life events that can dramatically influence the wishes demonstrated in a Will.

As soon as you experience a significant event, whether it be to do with money, or assets such as property, it is very important that your Will be updated. This is due to a Will referring to highly specific assets, and if assets owned by the deceased are not adequately demonstrated in a Will, issues can evidently arise.

It is not only assets, however – beneficiaries may change as well. The Willmaker may get divorced, have more children, or reorganise how their assets are distributed among their beneficiaries.

Common things that need amending in Wills

Amending a Will might be required due to a wide range of circumstances. Here, we list a few of the most common circumstances that necessitate the changing of the document to help you stay on top of your Will.

  • Significant variations of assets or liabilities, such as property (whether it be increases or decreases)
  • You enter into a new de facto relationship,
  • You have a child (or children)
  • The creation of any new business structures. This does not just include business companies, but may also refer to family trusts, unit trusts or superannuation
  • The death or disablement of any beneficiaries listed in your Will
  • Divorce/s

Small changes may not require a Will be amended. Small changes might include a change of address or slight variations in assets or financial circumstances. Of course, there are inevitably a multitude of other considerations to make. It’s often highly beneficial to consult your lawyer in order to determine when amendments should be made to your Will.

Staying on top of Will amendments

Some of the issues when it comes to changing Wills are often the result of poor organisation. Goodman Group Lawyers offer a few tips to ensure that your Will is always accessible during significant changes in your life so that you’ll never forgo updates when needed.

  • Are you aware of where your Will is stored, and is it easily accessible for when you need to make any amendments? Your Will being difficult to access may disincentivise you to make the changes when they’re needed, which can be disastrous in the long run.
  • Do you know what you originally wrote up in your Will? Your understanding of what your Will contains can go a long way when you’re considering employing amendments.
  • If you haven’t managed your Will in a long time, it might be possible that your young children as referred to in the Will have become adults and have children of their own.
  • In terms of benefactors, are there any listed individuals, such as executors or potentially guardians of infant children, who might not be as involved in your life as they were when you originally wrote the Will?

Looking to amend your Will due to some life events?

Changing a Will is often inevitable due to the unpredictability of life, and as such it is recommended that Wills are updated every year. If you’re needing to amend your Will, the team at Goodman Group Lawyers can offer their expertise to ensure that you adequately address all necessary changes.

If you have any questions about amending Wills, or even Wills in general, get in touch with our friendly team today and we can answer your queries and follow up to ensure that your Will is up to date with all relevant information.

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