A will is a legal document that sets out the distribution of one’s estate after death. It requires an executor to administer the will, and has strict legal drafting and signing requirements.
Wills need to be reviewed and updated in certain circumstances, such as:
- Where there is a change of relationship status such as marriage or divorce, as this will impact upon the validity of current wills.
- The executor may need to be replaced if they have died, become incapacitated, or children have become adults and it may preferable to appoint them as executors.
- The death of beneficiaries or de-registration of charities contained in the will.
- Children coming of age that no longer need a guardian to be appointed.
- Grandchildren being born.
- Creating specific gifts for specific beneficiaries, such as heirlooms or defined sums of money.
- Retirement and estate planning for future generations.
- Catering for loans made to beneficiaries that may need adjustment after death if not repaid during the testator’s lifetime.
- Disposing of specific assets stated in a will for specific beneficiaries, such as motor vehicles or other chattels designated for particular beneficiaries.
- Any other significant event that may impact on the contents of a will.
Professional advice is always recommended for estate planning to ensure the intention of the testator is well thought out and reviewed in a timely manner when changes arise impacting a will.
Cecilia Castle is an Accredited Specialist in Family Law, and principal of Castle Lawyers at Asquith. CastleLawyers.com.au