31/10/2012

Getting married or divorced are typically seen as key triggers for reviewing a Will.

But events like becoming a parent, grandparent or children coming of age can also be a timely reminder of the need to update a Will and other estate planning documents.

For example, people named in the Will may be deceased or the testator may no longer have any contact with them. And is the person named as the executor still appropriate for that role?

Retiring from work or the acquisition or disposal of a significant asset may also mean the value of the estate has changed. 

The needs and financial circumstances of beneficiaries may also be different to what they were at the time the Will was prepared.

Such events can be a signal to change your Will.

Where a person’s estate plan incorporates other planning mechanisms, these should also be reviewed at the same time.

In particular, it may be worthwhile to reconsider the death benefit nomination governing a person’s superannuation benefits and whether to make the nomination more detailed and specific.

Changes in a person’s health or the death of a spouse may also indicate the need to review a person’s appointment of an enduring guardian or their power of attorney.

As people get older they start to think about how they wish to be treated in their remaining years. At such times, a Health Care Directive or Living Will may provide some comfort if people want to be prescriptive about their health care in later life. Recent cases on such documents have made them more viable as a binding agreement with a person’s health care practitioners.

Although we recommend as a guide that you should review your Will every three years or so, this rule should not followed slavishly and if any of the major events in life listed above occur then some thought should be given at that time as to how those events may have affected your Will.

If you have any questions in relation to this article or if you wish to review your Will or other estate planning documents, please contact TOWNSENDS BUSINESS & CORPORATE LAWYERS on (02) 8296 6222.