Things To Include In Your Will
Keeping your will up to date is just as important as making it in the first place. If your will is not kept up to date then, should something happen, your loved ones will be thrown into an expensive and time-consuming ordeal through the government in order to inherit your estate.
Brisbane Wills and Estates can help you manage your assets and set up a will, but at the end of the day the whole thing relies on you remembering to make changes when they're needed. Our solicitors can still do all of the hard work for you, and make sure it's all successfully changed, you just need to remember.
There are certain times when you are very likely to need to change your will, and you must make sure that you remember. If a situation arises where your personal relationships change, or your assets change then this needs to be reflected in your will. These are some of the most common times when you should be updating your will:
- If you've acquired more property or changed property.
Property is usually people's most valuable asset, and your will needs to reflect what you want to happen with it. If you have multiple properties then this will need to be detailed in your will, and any new properties that you acquire will need to be added whenever necessary. The same goes for if you change properties, you need to make sure that any changes are reflected in your will.
- Separation or divorce from your partner.
It's very often the case with a will that the spouse is the primary beneficiary, and in the event of separation then this needs to be changed. It can get very messy when an ex is listed as a beneficiary, and it often causes legal battles when this is then contested. Unless you genuinely want to leave something to your ex, make sure they're taken out of the will.
- When you have children.
Children are very often the main concern for people when they think about what will happen when they are gone. You want to make sure that they are looked after, and the best way to do this is to make sure what you want is explicitly laid out in your will. This includes appointing a guardian, deciding what portion of your estate you want your child (or children) to receive and also deciding at what age you would like them to receive it. Regardless of the age of your children, you should have them included in your will.
These are just a few of the examples of when you may need to update your will, but it really is different for everyone. We can't list every scenario that may arise that would mean you change your will, so use your own judgement as to what is important to you.
If you have any questions about your will, or about changes that you're thinking of making then just get in touch with our Estate Planning Solicitor and she will be able to help you get everything in order.