It is important for everyone over the age of 18 to have a Will to make sure their wishes are followed and their assets are distributed as they would have desired after they die.

If you don’t have a Will, your assets will be divided in accordance with the laws of intestacy, that is, when you have not made a Will.  If you die intestate, it is very likely that your estate will not be distributed as you would have desired.

In a Will, you can also indicate to your family and friends your wishes on other important matters, such as who you want to be the guardians of your children.

Making a Will shows a level of care in not wanting to give loved ones additional stress when you pass away.  In many ways, it is one of the more selfless things you can do.

Regularly review your Will

Preparing a Will is not a once-off event. It is sensible to review your Will regularly, and we suggest that this be done a minimum of every three to five years.

Changes in your life may create problems for others in interpreting your wishes in an older Will and may undo all the good work you have done to protect those close to you by making one.

It may be that a Will made many years ago is still appropriate, just as it may be that a recently made Will is now out of date given changes in your life.

Ideally, you should review your Will annually, along with other annual events, such as lodging your taxation returns. It is likely that your needs and circumstances will change many times in the course of your life and with those changes it is prudent to consider your Will.

Healthy Will checklist

There are a number of life changes that may impact your Will and require you to revisit and update it.

Here is a checklist of life changes which may impact on the validity of your Will and which you need to consider in examining the legal health of your existing Will.

• Have you married?
• Have you separated from your partner?
• Have you had any children?
• Is the person you named as executor, to carry out the wishes in your Will, still alive and well enough to do the job?
• Have the circumstances of any beneficiaries changed to make you reconsider your wishes, or have any of them died?
• Have you nominated any specific gifts that are no longer valid or don’t exist, for example, have you sold a property that you had left to someone in the Will?
• Have you acquired any new assets that you would want to make specific plans for in your Will?

Superannuation

At the same time as you check the health of your Will, you should check your superannuation and life insurance policies, which is often now a part of your superannuation policy.

Many people assume that their superannuation will be distributed in accordance with the wishes in their Will, but that is not necessarily the case. You need to look at your superannuation policy to check how you have nominated your super to be allocated, and that it is still allocated in the way you desire.

At the same time, check the nomination of any life insurance policy, and update it if necessary.

Conclusion

The important thing is to consider your circumstances at every major personal milestone in your life.

An existing Will that you have made is likely to become out of date and no longer accurately represent your wishes in some way following changes in your life. It will depend on circumstances that are unique to you.

This is general information only and you should obtain professional advice relevant to your circumstances.

When you’re ready to make your Will, change your Will, or even if you’re just looking for advice, our online Estate Planning assistant is the best, first step.

Or, if you or someone you know wants more information or needs help or advice, please call 6383 5551 or email re*******@tl*.law.