Your Will should be reviewed every 3–5 years to ensure it still reflects your wishes.
A good way to see if your Will requires updating is by going through the following check-list to see if any of the following changes may have occurred:
- Have you recently been married?
- Have you gone through a divorced or are separated from your partner?
- Have you entered into a defacto relationship?
- Have you or your family recently given birth to children or grandchildren?
- Do you need to re-appoint a new executor?
- Are there any changes in your financial circumstances?
Why you need a will…
- Preparing a will gives clear and concise instruction to all parties involved of how you want your assets distributed. This will alleviate any stress and cost (as well as lengthy court battles) over ‘who gets what’ after you’ve gone.
- A Will also gives you the opportunity to name guardians for your children, establish a trust or donate to charity through an organisation.