Is your Will up to date?

DO YOU HAVE AN UP-TO-DATE WILL?

Having a valid Will is an essential part of Estate Planning. However, preparing a Will is not always a one-time task. Your Will may need to be updated periodically to reflect changes in your life circumstances to ensure that your Will continues to reflect your wishes as to how your assets will be distributed upon your death.

WHEN SHOULD YOU UPDATE YOUR WILL?

Whilst major life events, such as births, deaths and marriages, are a good time to think about whether you need to update your Will, other periodic events might trigger you to think about the same. Every Leap year, whenever the Olympics are on or each year that your biennial plant produces fruit could be a time when you consider whether you need to update your Will.

HAVE YOU HELPED YOUR CHILDREN WITH A HOME PURCHASE?

Another common event that may prompt you to revise your Will is when helping your children buy a home. With the increasing cost of housing in NSW, it is not surprising that over 57% of first home buyers receive financial assistance from their parents to purchase their first home. But is this assistance given as a gift or is it meant to reflect access to an “early inheritance”? If it is a gift, have you been as generous to your other children? If it is an early inheritance, does your Will reflect the same? A failure to address these issues in your Will could be the cause for dispute amongst your loved ones upon your death.

So, as you enjoy one more day in the sun this Leap Year, get into the spirit of the Olympics, or hope for a blooming Spring, give a thought to your Will and whether now is the time it should be updated.