When Should You Update Your Will?
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Some people think once they have done their Estate Planning and Will, they can simply wash their hands of the whole experience. Lets be honest, most people don’t enjoy preparing their Will and talking about what happens after they die. But there is a certain peace of mind that comes knowing that you have properly completed your Will and Estate Plan. Although we may not like to think about our passing, it is important to consider how your estate can be left to your family to maximise their financial benefit in the most tax effective way. Whether your situation is simple or complex, Cairns Wills and Estate Lawyers can help explain your options and help you to prepare for the future.
Once you have completed your Will, it is important to regularly review it. A Will is not a document that you should make and then simply forget…..We recommend reviewing your Will every 5-7 years to make sure that it still reflects your current intentions and situation.
There are certain life events that should trigger a review of your Will and Estate Planning:
- When you turn 18 you should make your first Will.
- When you get married or involved in a de facto relationship.
- You get separated or divorced.
- Children are born.
- A person named in your current Will dies or becomes unsuitable.
- You acquire a significant asset or investment.
- You purchase real estate.
- You become involved in a business, company, or trust.
- You wish to specifically exclude someone from your Will.
- Your existing Will leaves property you no longer own.
Can I just write in my changes?
Your will is a legal document. Whilst you can hand-write your amendments onto your Will, this creates a great deal more paperwork after you have passed away. Your executor will need to prepare and sign Affidavits and evidence of your handwriting will need to be sourced. It will also be a great deal harder to defend claims against your estate in the event you have hand-amended your Will. Even the simplest changes should be done correctly or your beneficiaries may incur costs in proving that it was your final Will.
Cairns Wills and Estate Lawyers can help you prepare an updated Will which ensures your family are provided for after you have passed away. Many people don’t realise that disposal of assets in your Will can have tax consequences for your beneficiaries. Our lawyers will work with your accountant/financial planner to advise you on how to best structure your assets in the most flexible and tax effective way during your life and for best distribution of your estate after you have passed away so that your family will receive the maximum financial benefit.
We provide expert legal advice in relation to your Will and estate planning needs in a relatively quick and inexpensive manner. We even offer fixed fees for the preparation of simple Wills and other estate planning documents!
You will have peace of mind knowing that your estate and assets will be distributed to your family according to your wishes.
Cairns Wills and Estate Lawyers is part of Preston Law, an independent Cairns law firm. Call us to speak to a lawyer or to arrange an obligation free initial consultation on ph 4052 0700