Your Will is the last document your family will remember you by. If you are well advised on estate planning issues, your Will can provide protection and security for your family in a time of need, and reflect the consideration that you had for them in life.
Your Will allows you to dispose of your assets after your death in a way that you wish.
If you are in any of the following situations, you should update your Will immediately:
- If you are married or due to be married.
- One of the beneficiaries or Executors of your existing Will has died.
- You have sold or otherwise disposed of an asset mentioned in your Will.
- You have changed your name or anyone mentioned in your Will has changed theirs.
- Your family situation changes (e.g. new additions to the family).
There are a number of potential consequences of failing to make or update an existing Will:
- Your ex-spouse or people you don’t want to inherit your money and your assets may do so.
- If you do not have a Will and you have no relatives, your assets will be given to the Government.
- Members of your family can be left with inadequate provision and support.
- Your family home and car can be sold to satisfy the claims of beneficiaries.
- Your family may be forced to incur thousands of dollars in legal costs, which may have been unnecessary had you made your Will or updated your existing Will.