- A change to your assets and liabilities
Purchase or sale of significant assets particularly if an asset addressed in your will has been sold.
- The birth of a child / their change of status
* the age at which your children should receive their entitlement under your will (e.g. 18, 21 or 25 years etc.)
* appointing a guardian for any children who are under 18 when a child turns 18, you may change the ‘nature’ of their gift.
- Upon the death of your spouse, an executor or other beneficiary
You simply cannot have deceased people written in your will.
- Your insurance
The person you nominate to receive the payout may affect your will drafting.
- Your superannuation
If you nominate a beneficiary of your superannuation, this may affect your will drafting.
- A change in your close personal relationships
E.g. marriage, separation, divorce, entering into or leaving a de facto relationship.
- If any spouse, child or dependant suffers a disability or trauma
Your will can ensure that the needs of this person are adequately provided for in the future.
- A change in how your assets are structured
This may include moving significant assets into superannuation or a family trust.
- When any beneficiary marries or becomes a de facto
Risk of their divorce or similar issues in bankruptcy might cause you to rethink.
- Setting up or selling a company or business
Who takes your interest may not be a relative.
- Receipt of an inheritance
If you have more wealth, the existing way to diminish it may no longer be sound.
- Loaning money to children or other family members
Directions can be made in your will as to how any outstanding loan amounts are to be dealt with upon your death (e.g. deducted from that person/s share;
forgiven) often to achieve “equality” or fairness overall.
You may wish to make special provision for your grandchildren in your will, including establishing trusts (e.g. monies to be held in trust until they reach the age of 18, 21 or 25 years etc.).
- Issues with relationships between executors
It is important that the executors whom you appoint have a good relationship with each other, otherwise dealing with your estate can be a challenging and
Provision can be made in your Will as to how (and by whom) your pets are to be cared for upon your death.
We recommend that you review your will at least every three years and update when there is a significant change in your circumstances.
Contact a member of our Estate Planning Team or use our enquiry form if you wish to Do or Review your Will.