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Is it The Time to Your Current Will? Here’s How to Change it!

Solicitors Adelaide

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!

Probate Solicitor

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.

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What is the Role of a Deceased Estate Lawyer?

Lawyers for Wills

Life and death are the two inescapable bookends of our existence. While birth marks the joyous beginning of our journey, death signifies its inevitable end.

This natural cycle, though understood, can be particularly harsh when a loved one departs unexpectedly. In such moments of profound grief, responsibilities often arise that can feel overwhelming.

This is where the invaluable role of a deceased estate lawyer comes to the forefront.

What is the Deceased Estate

A deceased estate includes all of the assets and liabilities (debts) that a person leaves behind after death.

Essentially, a Deceased estates in Adelaide includes everything a person possessed and owed when they died. Estate administration is the process of administering and disbursing assets and liabilities.

When a person dies leaving assets, someone, generally the Executor of the deceased person’s Will, is responsible for administering the estate. Administering the estate entails completing legal procedures to distribute the estate as the Will-maker desires.
If the deceased person has a Will, the process will be simplified because executors will be appointed to distribute the deceased person’s assets and carry out his final intentions.

What is Included in a Deceased Estate?

A person who creates a deceased estate chooses an executor whom she \he trusts. This executive further takes on all the responsibilities of fulfilling the person’s wishes after death.

That is why the Executor of the deceased’s estate must consider all assets and liabilities, including any debts of the deceased person as of the date of their death. This is important to establish an accurate estate value for Probate purposes.
Assets of the Deceased Estate may include –

  1. Properties owned by the deceased in their name
  2. Bank Accounts
  3. Shares
  4. Motor vehicles
  5. Memorabilia
  6. Personal items in the deceased’s own name
  7. Digital assets.

Benefits of Hiring a Deceased Estate Lawyer

Navigating the legalities and complexities of estate administration can be daunting. An experienced deceased estate lawyer offers several advantages:

  • Expertise and Efficiency: Lawyers bring a deep understanding of probate law and tax regulations, ensuring a smooth and efficient administration process.
  • Reduced Stress and Burden: The lawyer handles the legalities, freeing the Executor or administrator to focus on grieving and emotional well-being.
  • Avoiding Errors: Legal mistakes can be costly. A lawyer can ensure all legal requirements are met and minimise the risk of errors.
  • Representation in Disputes: Should disputes arise, the lawyer can provide legal representation and advocate for the beneficiaries’ best interests.

    • Now that you are aware of the required details about the process, you might think you can manage this by yourself. But it is not that easy. It involves legalities that you might not be aware of or expert in. That is why it is recommended that you contact an estate lawyer.

Summary: While death is inevitable, its timing is often unpredictable, leaving loved ones with emotional burdens alongside practical ones. However, you can take steps to minimise their weight in your absence. A deceased estate lawyer plays a crucial role in ensuring your wishes are followed, and your estate is settled efficiently, offering some solace during a difficult time for your loved ones.

If you agree with the fact that estate planning is necessary, contact our experts at Jackson Associates. Here, you will meet the best Lawyers for Wills, probate and estate planning.


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Why is It Crucial to Make a Will?

Lawyers for Wills

Death can strike at any time without warning. You may never know when the thunder of grief may strike upon your loved ones. So, you must make it clear in advance about who will own your possessions after you die. To ensure that your assets go to the right person, you need to draft a will.

But why make a will? You might think of telling someone in advance about who would take over the assets. But this is not a good approach. The reason is that your words are not enough in court to address your wishes. So, you need to legalise your wish in the form of a will.

Let us see why creating a will would be beneficial in the future.

5 Reasons to Create a Will

It is impossible to predict when you will die, so it is crucial to plan ahead and decide who will handle your belongings after you are gone. To create a legally binding document outlining your wishes, you can seek assistance from professional lawyers for wills. The following are the advantages of how drafting a will with the help of professionals is crucial:

  1. Prevents family disputes in future

    If there is no clarity about who will own your assets in future, then it can create confusion amongst your family and relatives. Some of your relatives to whom you don’t want to give any share may try to claim your assets. Misunderstandings can happen, especially when people are grieving. Make a will to ensure that your loved ones are protected from future disputes.

  2. Protection for minors

    Parents need to consider who will be the guardians of their children in the event of their death to protect their children’s future. Without a will, there is a risk of others trying to interfere with the property intended for the children, as minors cannot claim property until they are 18. Creating a will in advance allows parents to designate someone to care for their children and manage their property until they reach adulthood.

  3. For leaving legacy behind

    If you are someone who wants to make a positive difference in society, then you can do this by making a will. In the will, you can document the assets you want to donate and to which organisation. Thus, with a will, you can ensure that your possession goes in charity for a greater cause.

  4. Estate management

    After you die, you won’t want your property and financial assets to go into the wrong hands. You can relieve yourself from the stress of how your estate would be handled by drafting a will. A will states who the testator and executor are. If you are making your own will, then you would be a testator. The person you would nominate to handle your estate and assets would be the executor. The executor will carry out all the tasks, from liquidating assets and distributing wealth to handling the estate.

  5. Avoid the law of intestacy

    In the absence of a will, the legal authorities will determine who will take over your possessions. They may decide on distributing your assets to your most closest family member. However, if you want to be specific about who will own your possessions, then creating a will is crucial. A will gives you control over the distribution of your assets.

  6. Saves time for your loved ones

    There is never a full certainty that your loved ones will get the claim over the property. In the absence of will, it can become difficult for the next of kin to acquire your assets. They might have to go through a time-consuming process to claim their possessions. So, by making a will, you would make things easy for your loved one when they are in grief.

Summary: Legalising your wishes in advance will free you from any stress of what will happen to your assets in future. So, if you want your assets to go into the right hands, you can make a will with the help of an attorney. You can trust Jackson Legal to draft perfect wills that receive court approval on time. Our firm also provides experienced Deceased Estate Lawyer in Adelaide who make the probate process easy. So contact us to simplify your legal procedures.