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Estate Planning Review your will wills plan assets de facto spouse relationship deceased superannuation claims

When should you review your will?

When preparing a will for a client, I am often asked, “When should I review my will again?”

There are certain “triggers” that you can keep in mind, to review your will. I have set these triggers out below.

Marriage

Marriage revokes a will. Therefore, if you intend to marry, or have recently married, you should review your will.

If you intend to marry, your will can be prepared in contemplation of your marriage. This will avoid your will being revoked after you are married.

Divorce

If you have a will, and have recently divorced or terminated a registered relationship, references in your will to your former spouse (as beneficiary, executor, trustee and guardian) will be omitted.

Therefore, if you wish to keep your former spouse in your will as an executor, beneficiary, trustee and/or guardian, you should review your will.

Buying or Selling a Significant Asset

If you buy or sell a house or business, this may have implications on your will. It is important that your seek advice in relation to how the purchase or sale of a significant asset may affect your will and estate plan.

Superannuation

Superannuation is separate to your estate, therefore, it is not automatically dealt with under the terms of your will. Therefore, if you are making any changes to your superannuation, whether you are changing superannuation funds or establishing a self-managed superannuation fund, you should also ensure you have had your will reviewed.

Review your will every two to three years

Generally, it is advisable to review your will every two or three years or whenever a major event occurs in your family. For example:

  • if you have any children;
  • if your executor or any of your beneficiaries die; or
  • if you enter into a de facto relationship.

A regular review, will ensure that your will is kept up to date with any changes to your life and any new legislation.

To make an appointment to review your will, or discuss your estate plan, please do not hesitate to contact me.

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The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, Wills, Estates and Probate Lawyers (WEP Lawyers) cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. WEP Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. WEP Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.

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Chloe Kopilovic

Written by—

Chloe Kopilovic

Call 07 3035 4077 to speak with our team now