This is the ninth in our series of articles on the uncertainties of death.
Myth – “I have done my Will and don’t need to look at it again, right?”
Wrong! It is important that you regularly review and update your Will.
Your estate planning can be affected by a number of life changes.
They can typically include:
• A change to your marital circumstances. Marrying or entering a registered relationship can revoke your existing Will. The Rules of Intestacy will then divide your estate. More details on the Rules of Intestacy appear in the first of our articles in this series and can be viewed on our website;
• The birth of a child or grandchildren;
• A child attaining the age of 18 years;
• Your executor no longer being appropriate to administer your estate;
• You no longer own assets which you have specifically gifted in your Will;
• One of your current beneficiaries dying;
• Changes to your asset structure such as the establishment of private companies, trusts or a self-managed super fund;
• Your superannuation nomination lapsing.
By keeping your estate plan up to date, you will ensure the persons you intend to benefit do so.
Trent Wakerley is a Director at Kruger Law. He is an expert in Will disputes and also a Sessional Lecturer at the University of Sunshine Coast in Elder Law and Succession and a member of the Queensland Law Society Elder Law Committee.
