Are Your Affairs In Order? When Should Your Will Be Amended To Protect Your Loved Ones?
Some of you reading this article might already have a Will. What is less commonly known are the multitude of circumstances in which a Will ought to be reviewed and potentially updated.
Things That Can Put Your Affairs Out of Order
As you may know, events such as the marriage, separation or divorce of you or a beneficiary are a clear signal that it is time to reconsider your arrangements. The following events are equally important times to reconsider your Will:
• De facto relationships – should be thought of like marriage (see above)
• Accumulating more than $1.6 million in superannuation
• Establishing a new Trust
• Requiring the benefits of tax effective and asset protective testamentary trust
• Key events of a minor or adult child beneficiary of your Will such as:
- Reaching the age of 18 years
- Experiencing physical or mental health issues
- Starting a new relationship
- Ending a relationship
- Borrowing a significant sum of money from you
- Having a significant dispute with you
• Disposing of any property that is specifically gifted in your Will
• Any significant change in financial circumstances
• Bankruptcy of you or a beneficiary of your Will (or where bankruptcy is imminent)
• You acquire property in or transfer property to another country
The above list is extensive but not exhaustive. This is a guide only and not legal advice. Gavin Parsons and Associates can assist you with any questions you may have regarding your Estate Planning.
If you are unsure whether any of the above events or any other new developments affect your existing Will (or you do not have a Will), please contact Gavin Parsons and Associates on (02) 9262 4471 today.