Should I Update My Will?

Should I update my Will? Wills are usually made to last unless things in your life change. However, several matters might make it necessary for you to update or change your Will. When this happens you look at other asset planning strategies. Plus, you will need some professional help. QBM Lawyers can be a great advisor for you.

Changes in Business or Personal Structuring

Some ways you protect your money and plan for the future, like using trusts or superannuation funds, can affect how your Will works. These assets might not go through your Will when you pass away, so it’s important to make sure they’re handled the way you want.

For example, if your money is in a family trust, you might need to specify in your Will who takes control of the trustee company and ensure they can manage the trust as planned. It’s also important to check if they’re allowed to get money from the trust, especially in a family trust.

Another thing to consider is loans given to beneficiaries through trusts. These loans need to be paid back and could change how much someone gets from your Will.

At QBM Lawyers, our estate lawyers understand these setups and can help you plan accordingly.

Changes in the Circumstances of a Beneficiary

Many changes in a beneficiary’s life can result in the need to update a Will. These changes might include:

The beneficiary having children: You need to decide if their gift should go to their children or spouse if the beneficiary passes away.

The beneficiary dies or faces circumstances that make the gift pointless.
Beneficiary becoming bankrupt: If the gift is given during their bankruptcy, it will be part of their bankrupt estate and available to creditors.
Falling out with the beneficiary or losing touch with them and not wanting them to benefit.

Your Circumstances Might Change

Furthermore, even you can find yourself questioning whether I should update my Will?. So yes, your circumstances might change, thus, you should reconsider your Will. For example, a separation, divorce, or remarriage should trigger the need to update your Will. Additionally, addressing the needs of children in your Will is important and should also trigger a review of your existing Will.

Receipt of a large gift or financial benefit might warrant updating of a Will.

Changes in the Circumstances of your Executors

Changes in your executor’s circumstances might mean you need to update your Will. For example, an executor might become bankrupt, fall ill, or no longer be willing to handle the responsibilities. These are important factors to consider when deciding if your Will needs to be changed.

If you have a professional named as your executor, such as a solicitor or accountant, they might retire, be struck off (in the case of a lawyer), or you might stop dealing with them.

So Should I Update My Will?

Whether these changes require updating your Will depends upon the nature of the change. Plus, how your Will was originally written. However, you should review your Will every couple of years and after any major event. If you’re asking yourself, “Should I update my Will?” it’s probably a good sign that an update is needed.

For any Will-related enquiries, please contact Peter Muller at peterm@qbmlaw.com.au or +61 755 74 01