Creating a Will is important to protect you, your loved ones and your assets in the event of your death, however many people forget that your Will should be updated as changes occur throughout your life.
Life is fast paced and ever-changing, so it is easy to forget when something happens that it may affect your existing Will.
As experienced Estate Lawyers, we encourage our clients to contact us if circumstances in their life change so that they can reflect this in their Will. If you are unsure if something may affect your existing will, our team are happy to help and answer any questions you may have.
Events that can affect your Will
There are a number of life events that can occur that can change how you want your estate distributed, including:
- Getting Married, or entering a de-facto relationship.
- Separating, getting divorced, or ending a de-facto relationship.
- Children or grandchildren are born, or if a new partner has step-children.
- Your executor dies, or you no longer wish to nominate this person as executor.
- A beneficiary dies, you would like to add or remove a beneficiary, or change the gift to a beneficiary.
- Buying or selling property.
- Significant changes to your financial circumstances.
What happens if your Will is not updated
If you don’t have a Will or keep it up to date with changes in your life, it means that in the event of your death, your estate (including your assets, money and liabilities) may not be distributed in the way you would want.
A number of the events listed above (including marriage, divorce, children, and more) can legally affect your Will without you actually making changes. It is important to review your Will when these events occur to ensure that you are aware of how it may have affected your Will, and make any changes if necessary.
Plan for your future now and contact a qualified estate lawyer in Cairns.
To make sure that your assets and estate are looked after and distributed in alignment with your wishes, it is important to create a Will and keep this up to date with any changes that may occur in your life.
If you need to create your will or make a change to an existing Will, Marino Lawyers are a reputable law firm in Cairns that can help. Call us on 4081 6700 or click here to send a message to discuss how we can assist you to organise your estate and will.