We all know the importance of wills and usually read about the right time to create one. But there is one thing that not many people talk about. What’s that?
There are certain circumstances that require you to update your Will!
Yes, though most people don’t consider this point because not many discuss the importance of will updation.
However, we believe in keeping our clients updated with beneficial information, so today, we will discuss the advantages of updating your Will and the process.
So, keep reading!
Importance of Will Updation
As we all know, creating a will is essential and that is the reason many Lawyers for Wills are available on the market. However, the situation never remains the same, So whenever there are changes in your life, you need to update your Will accordingly.
Why is it so important?
Well, to make sure whoever is a part of your life at this moment and is close to your heart gets the benefits from your will after your demise.
Following are some circumstances where updating your will holds great importance:
If Your Executor Dies: One of the main reasons to update your Will is when the Executor dies. Your executor is responsible for handling and distributing your assets as you wish, but if he is no longer available, you have to choose someone else as your executor and update your will.
Executor no longer Willing to Act: Alternatively, your executor may deny taking responsibility due to health concerns, workload, or other duties.
Beneficiaries have Died: Life is unpredictable and in case any of your beneficiaries have died, or if you intend to change any gifts to any beneficiaries under your Will, you should consider making a new Will.
In your updated Will, include the names of the new beneficiaries; you can also add if something happens to your primary beneficiaries, their gift passes to their children. This can help you save time.
Have your Children Turned Eighteen: If any of your children have reached the age of 18 since the creation of the existing Will or have otherwise matured, you should amend your Will. This is especially important if you want to start incorporating them into the Executor or alternate Executor responsibilities.
Your assets, Business Structure or Retirement Plan has Changed: Your business or retirement plan arrangement has changed.
If you set up a new or different business, company, trust, or self-managed superannuation fund, you may need to change your Will to ensure that this item is handled correctly after you die.
So, Some assets are not directly affected by a Will, but your Will may still change who runs a business or makes decisions about certain assets.
Upon Divorce: Life is unexpected. You never know whether the partner you are happy with today will be with you in the future.
So, if you divorce, your current Will may no longer be effective or may have varied in some way.
Divorce can affect whether sure gifts will continue to be effective if you are divorced and have not updated your Will. If either marriage or divorce has occurred since your most recent Will was signed, then it would be best to check whether it still operates as you intend.
How To Update Your Will?
Follow these steps to update your Will in Australia:
- Examine your Will to determine revisions.
- For minor adjustments, create a Codicil to update your Will legally. If modifications are significant, a new Will may be necessary.
- Sign and date the new Will or codicil in the presence of two witnesses over 18 who are not beneficiaries.
- Safeguard the original manuscript. A safe or secured cabinet should hold the original copy of your amended Will or Codicil.
- Inform your executor and beneficiaries about the amended Will
Summary: We tried to inform you about the importance of updating your will under some circumstances. If you want more details, instead of searching for Solicitors Adelaide for ours, contact our experts at Jackson and Associates.