It is very important that your Will is always current and up to date. Why? If the Coronavirus Pandemic has taught us anything, it’s that the future is unknown and preparation is key.
So, why should youupdate your Will?
There are a number of reasons why this important task should be a priority for you.
- If anyone in your Will has died (i.e. Executor or Beneficiary), they should be removed.
- If your financial position has changed.
- If you have changed your mind in relation to specific bequests and/or gifts.
- If you have since had a child or adopted a child and your family has changed.
- If your medical or health needs have changed.
- If you die without a will, then the relevant State legislation will determine how your estate should be distributed pursuant to the laws of intestate and this may not be in line with your wishes.
- If you are separated but not yet divorced, your former spouse could have a legal claim on your estate.
- If you re-marry, themarriage willautomatically revoke your previous Will.
As can be seen from the above items,family law, in particular, is closely linked toWills and Estates.
Toupdate your Willor to discuss your family situation, please contact the team atJames Noble Lawand book an appointment today.
We have Qualified and ExperiencedWills and EstatesLawyersat James Noble Law.
Article Source: https://jamesnoblelaw.com.au/8-critical-reasons-to-update-your-wills-and-estates-sooner-rather-than-later/