When should you update your will, and why?
Category : Wills and POAs
When it comes to planning for the future, the last thing most people think about is a Will. If you travel or go overseas, you will be required to write a Will in case you become incapacitated and are unable to communicate your wishes. That being said, a Will is important even when you’re not travelling.
What is a Will?
A valid Will is a written document, signed with your name, witnessed by 2 people and also signed by them. This document is then upheld in court which can be upheld by a grant of probate. They ensure your assets are properly managed and distributed after you die.
What is in a Will?
A document that outlines your beneficiaries (the people you want to receive your things when you die) and what exactly they receive. This incorporates property and possessions including your house, car, investment properties, money, savings, furniture, jewellery and so on.
When should I update my Will?
- Someone in the Will dies
- If someone else needs to be included in the Will due to marriage, child birth, change in lawyer
- Divorce or separation from your partner specified in the Will
- Change in income, large amount of savings acquired, purchased an investment property or large ticket item like a car
- You change your mind about who receives certain items
- Your personal information changes such as home address
- If dependants come of age. They’ll no longer require a guardian so their circumstances change
- The health of you or a loved one changes and a Power of Attorney becomes essential
With all these factors in play, it may seem like you need to update your Will every 6 months. We recommend waiting 2-3 years before doing a major update to you Will. This allows for careful consideration of assets, dependents and beneficiaries. If there is a large shift major circumstances such as births, deaths or your health, a final check and Power of Attorney is recommended,
How can I make sure my Will is upheld?
Once you pass away, making sure a will is properly followed can become a tedious and difficult task. Within your Will, you can allocate an executor such as your spouse, child, friend or solicitor to handle the affairs written. First, make sure this person agrees to be your executor as it is a major responsibility. A Power of Attorney also becomes important to ensure the details are carried out.
If you would like to more about a Power of Attorney | Read our article on the Importance of a Power of Attorney.
If you need legal advice regarding family, commercial, property or criminal contact the team here at Springfield Legal. We have been helping locals since 1999.