Having an up to date will is very important, yet people always seems to leave that job for tomorrow, and tomorrow never comes. When your will is as up to date as possible it means that the love ones you have left behind have a clean plan of what you would like to happen with your estate.
Getting your wills and estate in Campbelltown organised is actually really easy. Lawyers can make the process as quick as possible and then you have clarity on what will happen after you are gone. But once you have set up your will for the first time it doesn’t mean you can just forget about it.
There are many things that will happen and change in your life, and your will needs to be updated regularly to reflect these changes. So, when something major in your life changes to need to ensure you get in touch your lawyer and your will is updated accordingly.
Have a read on below at some of the main reasons as to why you would need to update your will:
One of the most common reasons why you would need to update your will, and assets can come in many different forms. For example, if you purchase a new house, it is important that is included in your will, or even any other investments or cash you have like in your savings account or your superannuation.
This is also the case for the other way around. So if you have to sell your house, or if your investments portfolio decreases, your will needs to be updated with your most current assets and financial state. While your finance probably changes on a daily basis, you certainly don’t need to update your will that often! Just look out for the major changes in your assets and that’s the time to update.
Including or Removing People
If you get married or have children/stepchildren or even grandchildren, it is certainly important that they get named in your will and become beneficiaries to any assets you leave behind. You also need to ensure that certain people are named in your will, like the executor, power of attorney or the guardian.
You may also need to remove people from your will at some point. This would include people that have already passed away, or the removal of your partner if you have since divorced. It can also include removing other people if you have just simply had a change of mind.
Medical or Illness Updates
Sometimes people suffer an accident and are left with a medical issue or illness that wasn’t present before. This means that you should update your will to reflect this. For example, if you are now the primary caregiver of someone with a serious medical illness, who will look after them when you are gone? These are really important things to think of.
Personal Details Update
Over time your personal details will change, like your address phone number or if you change your name, things like that. So it is important that your new will reflects this. It is even important to think of things such as your passwords to any digital assets, so that your loved ones can get easier access to these accounts.
Dependent No More
When a dependent, for example your child, turns 18, they no longer would require a guardian, so it is important that this is reflected again in your will. You should also consider if you have a large age gap between your eldest and youngest child, if your older children are over 18 but the younger ones aren’t, who would look after them then.