Updating Your Will

Nobody really wants to think about what happens after they pass on, but it is vital that you do keep your will up to date, so that when the time comes, your estate can be handled quickly and broadly in line with your wishes.

So here are some simple steps that you should take to ensure your estate is sorted.

1.       Update your will every five years.

There is no strict rule as to when you should update your will, but most solicitors will say every five years is about right and if you haven’t updated your within the last 10 years, then you definitely should do so as soon as possible.

You should also shop around. A simple will, which is all most of us need usually, costs about $300 plus GST for individuals but if your estate planning needs are complex, if you have significant assets or a disabled child for example, it can cost up to $10,000 to get a worthwhile will in place.

2.       Every time you have a significant life changing event.

You should also update your will if you have a life-changing event. So, for example if you married, separated, or divorced, or if your long-term partner themselves passes on.

Each of these events can be tumultuous and its easy to put off putting a will in place while they are going but the consequences of not putting in place a will quickly can be devasting.

3.       When your finances change.

Just as importantly, when you decide to retire or maybe downsize from your family home to a smaller property or just get your financial affairs in order, this too is a time to think about updating your will.

Not doing so can leave an unreasonable burden on those closest to you as they try to pick through what your intentions were and fend off any challenges to your estate.

4.       Think about including a living will.

A living will does not have any legal standing so it should just sit alongside your legal will. It is an informal document that outlines what your personal wishes are. So, for example you might choose to leave a specific piece of jewelry to a certain person or a collection of artwork one part of the family.

It’s not meant to contain any assets of significant value, that should be detailed in your will. More this is just an informal letter to your estate saying that if it’s possible, this is what you would like to happen to certain items and usually you would include your reasons for wanting that to happen.

5.       Keep it simple.

The best will is very simple. For most people their instructions are to leave everything to their life partner and then if that person predeceases them, to leave everything equally divided between your children.

Every step you take away for that, reduces the chances of your instructions being implemented and significantly increases the cost of writing your will in the first place. So, think carefully on this.