I’ve already got a Will – why update it?
If you’ve successfully planned your estate for distribution upon your death, then you’ve likely drawn up your Will. Over time your Will may become redundant and require you to revisit it to make changes.
There are many reasons you might need to change your Will, including but not limited to:
- You re-partner, marry, separate or divorce;
- You have a child or another child or grandchild/ren;
- Your child/ren’s current needs change as they grow;
- You start a new business or close an existing business;
- Your total assets grow or decrease.
Consider reviewing your Will as part of your regular personal and/or business financial management planning, thus any updates can be achieved more easily than having to worry about them separately. Not getting around to updating your Will could result in your last wishes not reflecting your most current situation in life when you’re gone.
How do I know if my Will needs updating?
When did you last think about your Will? If it was more than three years ago, then it is more than likely that there have been events that have altered your wealth and your family during this time. Reviewing your Will now enables you to assess whether your Will remains consistent or requires alteration.
Why have a valid and up-to-date Will?
If your Will is not valid or it is not kept up-to-date, a court can appoint someone to distribute the remainder of your wealth. Using a pre-determined formula – not how you might wish – a court-appointed administrator may distribute any wealth not already included in your Will prior to your death.
What is the best way to update my Will?
It is very important that the necessary legalities are effected when changing or updating your Will, therefore we recommend you consult your financial advisor about the correct way. If done incorrectly, any minor changes to a Will can cancel or invalidate the whole document. It is important that you seek professional advice to be certain correct procedure is followed to validate your updated Will.
Your beneficiaries named in your Will can rest assured that your Will contains your most recent designation of what they should receive upon your death if you regularly review your Will with your financial advisor.
How can YML help?
Talk to our Financial Advisors today to see how YML Group can assist you with updating your Will. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.