“I have done my will and don’t need to look at it again. Right?”
Wrong!
Your estate planning can be affected by several life changes that typically include: major life events (marriage, divorce, death of a beneficiary or birth of a child); significant financial changes (starting a business, acquiring or selling an asset); changes in relationship or family dynamics (estrangement or reconciliation); and age milestones (a minor beneficiary turning 18).
Reviewing your will is an important aspect of estate planning and should be done regularly.
I recommend every three to five years, even if none of the above events occur.
Failure to regularly review your will can result in unintended and undesirable consequences.
To save a few dollars, it may be tempting to try a DIY approach if you want to make some ‘minor’ changes to your existing will.
The whole estate plan must be carefully considered and any changes validly made.
Failing to get professional advice may do more harm than good and result in more cost ultimately being incurred.
You’ve worked hard to acquire the assets. Make sure they go where you want them to after you’re gone.
Trent Wakerley, Director, Kruger Law, Level 3, Ocean Central, Ocean Street, Maroochydore, 5443 9600, krugerlaw.com.au
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