Here are a few reasons why you might want to consider making a new Will…
If you marry, your Will will be revoked by the marriage unless the Will is especially in contemplation of that marriage.
Divorce may affect your Will. The matter is complex and the law is not uniform throughout Australia. If you are contemplating divorce or have been divorced or even if you have separated since making your Will, you should immediately consult a lawyer.
It is recommended that you review the copy of your Will every two to three years or whenever a major event occurs in your family or your assets or any if there are any changes to taxation laws, to ensure the Will is still reflective of your wishes.
In particular, you should consult a lawyer:
- 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 into a 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, divorce, separate from your spouse or if you have children (including adopted or foster children);
- If you enter or end a de facto relationship;
- If the composition of your family changes;
- If the revenue laws change.