“Getting your affairs in order” should not be a once in a life event – even though for some it can take a lifetime to be ready to do so. Estate planning is not a set and forget process.
Strictly speaking, everyone should make a Will and Enduring Power of Attorney when they reach 18 years of age.
Ideally, you should review your Will every year. One way to remind yourself to do this is to keep a copy of your Will with something that is renewed annually, such as your car registration papers, so that you will be reminded to look at your Will at least once each year.
You should also review your Will when…
Estate Planning
You get married
Your Will is revoked when you marry unless the Will is made in contemplation of that marriage. There are some exceptions, but it is important that you see your solicitor to check that your Will is still valid after you marry.
You separate from your spouse
As soon as you separate from your spouse, you should see your solicitor to make a new Will. If you die without a Will whilst you are separated, but not yet divorced, then your spouse will inherit your Estate (subject to whether you have children together or not).
If you have children with your former spouse, then you may want to consider appointing a guardian for your children to act jointly with the surviving parent.
You get divorced
Your Will is not revoked when you divorce, but instead, the divorced spouse is regarded as having predeceased you, subject to any contrary intention expressed by you in the Will.
You have a baby
At this time, you will want to consider who to appoint as guardians for your child in the event that both parents die.
There is a change of circumstances for your executor or one of your beneficiaries
Any change in the circumstances of a beneficiary or executor, such as death, divorce, bankruptcy, etc, should prompt you to review their Will to see whether any changes need to be made.
Thinking about death is never pleasant, but you owe it to your loved ones to do what you can to make it less of an ordeal for them when you die. Making a Will is the first step, but reviewing it regularly is just as important, otherwise you risk leaving your estate to those you did not intend to benefit.
The information provided is not legal advice. It is intended as legal information only. For tailored advice please contact us on 02 8999 1800.