It is the start of a new year and therefore it is the perfect time to review your will and estate plan.
Below is a list of the top 7 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 in your will, which you subsequently sell or give away or put in trust or into a partnership or which otherwise changes its character — This applies particularly to inherited shares in a company, that would restructure 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.
How often should you update your will?
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.
If any of the above applies to you or you wish to discuss any other concerns or queries, please contact our office on (07) 3221 9722 or email your enquiry to info@orglaw.com.au.
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This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.
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