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It’s another new financial year – does your Will need reviewing or updating?

Having a Will that is up to date and legally valid is always important to avoid an Estate becoming subject to the new intestacy provisions, to avoid potential problems that can be costly to the estate following your death and to protect against future claims against your Estate.

Often Wills are made when we purchase our first property and are not reviewed for many years or until a certain “trigger event” occurs making us realise that we need to make certain changes to our testamentary documents.

We can help you by reviewing, and if necessary, updating your Will or Testamentary Trust.

Different structures in Wills suit different family wealth structures. The type of Will that is recommended will depend upon what assets will flow into your estate and what you, as a Will maker are trying to achieve such as setting up asset capital protection in your estate, beneficiary protection or tax minimisation structures for beneficiaries.

We recommend that everyone should regularly review all of their estate planning documents just like a health check:

  1. Every two to three years or if your financial circumstances change.
  2. If a nominated beneficiary dies.
  3. If a nominated Executor dies or become unfit to act due to failing health.
  4. If assets no longer exist that have been specifically gifted under a previous Will.
  5. If you are experiencing a marriage separation or contemplating a new marriage (remembering that Wills are revoked by marriage)
  6. If you have made loans to children or assets have been purchased for certain children during your lifetime which may need to be equalised through a Will to ensure equality.
  7. If you need asset protection advice for children with a disability (mental or physical), requiring the protection of capital in an Estate: or
  8. If you have any queries or concerns about your current Will.

If you would like to have your Will reviewed or you need to make any changes to your existing Will, please contact us to arrange an obligation free call with one of our Estate Planning Lawyers.