It is the start of a new year and therefore it is the perfect time to review your will and estate plan.
It is important to review your will and estate plan regularly as your circumstances may have changed since you made your will and it might not reflect your current wishes. Further, there has been an increase in estate litigation where simple and inexpensive changes could have been made to someone’s will and estate plan avoiding unnecessary conflict and legal fees.
Please see below a list of a few things that might prompt you to review your will and estate plan;
- If you change your name, or anybody named in the will changes theirs;
- If an executor dies or becomes unwilling to act as executor or becomes unsuitable due to age, ill health or any other reason;
- If a beneficiary (someone who has been left something in the will) dies;
- If you have specifically left any property which you subsequently sell or give away or put in trust or into a partnership or which changes its character. This applies particularly to specifically bequeathed shares in a company which restructures its share capital;
- If you marry or divorce; or if you have children (including adopted or foster children);
- If you enter or end a de facto relationship;
- There is a risk of litigation against your estate.