Your Will is probably the most important document you will ever sign
A Will is a legal document that clearly sets out your wishes for the distribution of your assets after your death.
An up-to-date Will is the best way to help ensure that your assets are protected and distributed according to your wishes.
Studies show that on average 48% of Australians do not have a current Will. Should you die without a Will your estate may be divided according to a Government formula. This formula will not reflect your wishes and which may cause undue hardship, cost and delay for your family.
Important items to consider are taxation, capital gains tax legal validity so it’s advisable that you have it prepared by an expert who can discuss all the issues or get expert advice where needed.
It’s a quick and easy process to protect your family’s future so make it a priority.
Here are some reasons why you might look to update your Will:
- Marriage or Divorce – Marital status changes can affect inheritance and legal rights to assets, so updating the will ensures that a spouse or ex-spouse is appropriately included or excluded.
- New Family Members – The birth or adoption of children or grandchildren might lead to changes in the will to provide for them.
- Death of a Beneficiary or Executor – If a beneficiary or executor has passed away, it’s necessary to revise the will to redirect their inheritance or appoint a new executor.
- Change in Assets – If there’s been a significant increase or decrease in wealth, such as acquiring new property, starting a business, or selling off assets, the will should be updated to reflect these changes.
- Health Issues – Serious health diagnoses or aging can prompt people to update their will, ensuring end-of-life wishes and asset distribution are aligned with their current desires.
- Tax Law Changes – Changes in tax laws can affect inheritance taxes and other financial considerations, making it wise to update the will to optimise tax benefits.
- Change in Relationships – Changes in relationships with beneficiaries, like estrangement or reconciliation, may prompt someone to modify their allocations.
- Relocation – Moving to a new state or country with different inheritance laws may require adjustments to the will to ensure it complies with local laws.
- Charitable Goals – Adding or adjusting charitable donations, especially if new causes become important or if there’s a desire to leave a larger legacy.
- Desire for Specific Bequests – Updating the will allows for specific bequests, like items with sentimental value, to go to the desired recipients.
If you need a Will, or your current Will needs updating, reach out to one of our friendly team today and we can support you.