Have you made a will before? Perhaps you are planning to make one. You do not want to leave the future to chance; you plan ahead, so you know what to expect in the days to come, and you have prepared for them. And that is highly commendable, especially knowing that you are not only protecting yourself, but also your loved ones.
While it is important that you make a will, reviewing it regularly is a good practice. This is what O’Shea & Dyer Solicitors always ask their clients to do. If you are a Townsville resident, hire an experienced solicitor who is familiar with all aspects of wills and estates. He can help you know when to update your will and the legal process to follow.
So, what are main instances that may prompt you to review your will? Read on to find out.
When Changing or Starting an SMSF
Whenever you change or start a self-managed superannuation fund, it affects your cash flow in one way or another. This move will also affect the assets you have quoted in your will. It is, therefore, important to engage a will and estate lawyer to guide you on how best you can update your will to integrate this change.
If you already have a will and you marry, it is recommended that you review the will to include your spouse as a beneficiary. Still, even if you or your partner did not have a will before, it is best to get one after marrying. You can also create a will before getting married to prevent future instances of revocation to the will.
When You Divorce
If you have recently divorced, you should review your will to remove your ex-spouse from the list of beneficiaries. Any change you want to take effect should reflect in your will.
In a nutshell, it is important to review your will annually and whenever there is any change in your life that has a connection to your will. These instances include whenever you get into a de facto relationship with any party, have a newborn, a beneficiary passes away, or an executor pulls out from your agreement or passes on.