Home   >   Publications   >   15 reasons to update your Will

DOWNLOAD eBOOK


A Guide to Estate Planning

Please fill your Email Address

First Name
Surname
Email

captcha

×

15 reasons to update your Will

When should I update my will?
  1. A change to your assets and liabilities
    Purchase or sale of significant assets particularly if an asset addressed in your will has been sold.
  2. The birth of a child / their change of status
    Consider:-

* 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.

  1. Upon the death of your spouse, an executor or other beneficiary
    You simply cannot have deceased people written in your will.
  2. Your insurance
    The person you nominate to receive the payout may affect your will drafting.
  3. Your superannuation
    If you nominate a beneficiary of your superannuation, this may affect your will drafting.
  4. A change in your close personal relationships
    E.g. marriage, separation, divorce, entering into or leaving a de facto relationship.
  5. 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.
  6. A change in how your assets are structured
    This may include moving significant assets into superannuation or a family trust.
  7. When any beneficiary marries or becomes a de facto
    Risk of their divorce or similar issues in bankruptcy might cause you to rethink.
  8. Setting up or selling a company or business
    Who takes your interest may not be a relative.
  9. Receipt of an inheritance
    If you have more wealth, the existing way to diminish it may no longer be sound.
  10. 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.
  11. Grandchildren
    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.).
  12. 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
    lengthy process.
  13. Pets
    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. 


Subscribe to our newsletter

eBooks

A-Guide-to-Estate-Planning-Booklet

DOWNLOAD eBOOK

First Name
Surname
Email

captcha

×
Dividing Up Your Property on Separation Booklet

DOWNLOAD eBOOK

First Name
Surname
Email

captcha

×
Spouse maintenance booklet

DOWNLOAD eBOOK

First Name
Surname
Email

captcha

×
Going to Court in a Family Law matter

DOWNLOAD eBOOK

First Name
Surname
Email

captcha

×
I am buying a pharmacy - what do I need to know first

DOWNLOAD eBOOK

First Name
Surname
Email

captcha

×
I want to sell my pharmacy

DOWNLOAD eBOOK

First Name
Surname
Email

captcha

×

TESTIMONIAL

  • Dear Pat, Lisa & Alexia,

    We wish to thank you for all your assistance during what has been a very difficult time for us. It is that time of the year that we remember everyone that has helped us get through it.

    Our very best wishes to you.

     

     

    Anon.
  • “The team at CLW has been Volvo Group’s lawyers for many years. They advise on all aspects of our business including Dealer Agreements, supplier agreements, tenders, litigation and property transactions. Their advice consistently highlights their intrinsic understanding of our business issues and their lawyers are always available to meet the needs of the business. CLW is an integral part of our operation”

    Ajit Singh, Director
  • We have no hesitation in endorsing Clayton’s Family Law team.

    Outcomes for our clients have been excellent and the sensitive and mature way in which the firm has assisted us to resolve issues has been a feature of the relationship.

    Where small businesses involve two spouses working together re-configuring businesses after a marital breakdown can be extremely difficult. The team at CLW have the expertise and energy to work with industry experts like ourselves to achieve sensible and workable outcomes.

    John S.
  • “Your management of our ‘case’ was flawless. Your communication was impeccable. You were efficient. And you were caring. You were the shining light in this dark period.

    The CLW organisation is stronger for the input of Eddie & Lisa. You are exceptional individuals and a formidable team.

    I thank you, and wish you every success in the future.”

    Josh A.
  • Hi Sheree,

    I just wanted to say a big Thank You for your kindness and diligence in my recent divorce case. Always making yourself available and answering my millions of questions was amazing!

    Sandy J.