The majority of Australians are well aware that they need a Will to ensure their wishes are carried out after they pass away.
But did you know that creating a Will is not something that you can simply tick off your to-do list? As your life changes so should your Will. There are many life events that necessitate an update of a person’s Will. Keep reading to find out the three most common events in a person’s life that cause the need for a Will update.
Did you know that marriage cancels a Will in its entirety? If a person’s most recent Will was written prior to getting married, it could be completely invalid! Marriage is certainly a time to update your Will – and ASAP. This will protect your assets and make sure they go to whom you want, and exactly how you want. Don’t wait, update!
A divorce doesn’t usually cancel a Will, it merely cancels your former partner’s part of the Will. However, if you and your ex-partner have separated but are not yet formally divorced, they may still be able to claim part or all of your estate after your death. You don’t want to leave any ambiguities to the courts to interpret after you’re not around, so have your Will updated at this time. This will ensure your loved ones enjoy the benefits of your hard-earned assets as you wish.
Additions to the family
If you welcome new children into your family, it’s certainly time to update your Will. By doing so, you can ensure your children receive your assets in the way you wish. Also, if you welcome pets into your family, you can indicate who you wish to take care of them when you’re not around. This can give you the piece of mind that all of your children – even the furry ones – will be taken care of when you’re no longer able to.
By simply updating your Will, you can secure the wellbeing of your loved ones. There is surely no good reason to put it off any longer.
Have you written up your will yet? Share with us below.