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Phone: (03) 6332 9353

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When should you review your Will?

Once you have your Will in place, you should not just forget about it. There are things that may happen over time that may affect your Will.

Regularly review your Will

It is a good idea to review your Will on a regular basis.  As a rule of thumb it is suggested that you review your Will at least once every three to five years.

There are situations where a Will made a long time ago is still appropriate, and it can also be common for a recently made Will to quickly become outdated.

Will checklist

There are a number of events that can impact on your Will. This is a list of the main events:

  • Marriage or divorce;
  • Separation from your partner;
  • Having children;
  • The person you named as executor has died;
  • A change in the circumstances of any beneficiaries;
  • Nomination of specific gifts, for example, selling a property that you had left to someone in the Will; and
  • Purchasing of new assets that you would want to make specific plans for in your Will.

Superannuation

It is a common misconception that superannuation will be divided up in accordance with the wishes in your Will, but that is not always the case. It is dependent on your superannuation policy as to how you have nominated the allocation of your super funds.

In summary any Will you make is likely to become outdated following changes in your life, accordingly it is important that you take the time to review it at regular intervals or following a major change in your cirumstances.

If you would like to discuss a new Will or a review of your current Will please contact us on 6332 9353 or submit an enquiry at http://www.cormistonlegal.com.au/contact and we will contact you.

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