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How often to update your Will

How often should you update your will?

Did you know that over 50% of Australians die without a valid Will in place? This can be either because they don’t have a Will at all, or their Will is no longer valid due to a variety of lifestyle changes that can affect one’s Will by default. This can expose your estate to claims and means that potentially your assets likely may not be distributed according to your wishes.

Having a current, valid Will in place means you are saving your family and loved one’s time, heartache and costs in the already difficult time of losing you. Between the time of creating a Will and your death, a variety of circumstances may change that can leave your Will open to dispute. Our team recommends that you review your Will every 5 years at a minimum to ensure it accurately reflects both your current assets, and your situation.

Many Australians do not have a Will simply because they have not had time to get around to it.  Others feel they do not have a need to prepare a will as they do not have enough assets or wealth. Many Australian’s fail to appreciate what actually forms part of their estate and often overlook assets that could have been dealt with under a Will. Our experienced lawyers can assist with your succession planning and determining the assets and liabilities of your estate.

It is also important to note that Superannuation funds do not automatically form part of your Estate so, unless you have completed a Binding Death Benefit Nomination with your Super Fund, your Super can be distributed at the discretion of the fund, whether it be to your estate or otherwise.

Having a current and valid Will is very important; you cannot control everything that happens in life, but you can ensure your matters are organised in the unfortunate event of your passing.

For assistance in creating or updating a Will, contact our friendly and experienced team who can take you through the process step-by-step and give you peace of mind for the future.

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