Many people are unsure as to when they should consult a professional lawyer to review their will after they have originally made it. The general rule is to review every two to three years or whenever a significant event in your life takes place. This will ensure the will is always current and valid to avoid any troublesome situations for your loved ones after you pass. Some examples of these major life events include:
Many people are unaware that when they marry, their current will becomes invalid. A large portion of your estate could be left to your spouse, regardless of any previous wishes; while this may not be a problem for first time marriages, you may want to leave a portion to children from previous marriages or other dependents.
If you have recently married or are planning to tie the knot in the near future, you should make an appointment to review your will.
Divorce and Marriage Separation
Following a separation, it is vitally important to review your will. If you pass away while separated and prior to divorcing – there will be no affect to your will. This could result in your spouse inheriting some or all of your property – whether you wanted them to or not.
Once you are divorced, your partner will most likely no longer be eligible to inherit any property from you, unless the court believes you wished to leave them a gift. To save your loved ones any more stress by these matters going through the court, it is always better to review your will following a divorce.
De Facto Relationships
When setting up home with a de facto parter, there is no need to amend your will instantly, as time passes however, you and partner will begin to form rights to the others property. If a separation occurs and you pass away before a settlement can be made between you and your partner, they will be the one who benefits from the inheritance. If you find yourself in a situation with a de facto partner like this, then it is vitally important that you consult with a legal professional to review your will.
Buying or Selling a Significant Asset
It may seem obvious, however if you buy or sell a significant asset such as a property or a business many people forget to update their will to determine how this will be distributed as part of their estate after death. If you have recently bought or sold a significant asset it is crucial that you update your will to reflect this recent change.
It Looks Like I Need To Review My Will Then
If reading this has made you realise that you need to update your will, then get in touch with Antunes. Our friendly and helpful Deceased Estates, Probate, Administration and Estate Litigation lawyers will be more than happy to advise you on the best next steps to take in making sure your will is valid, up to date and benefits your loved ones.
Talk to one of our expert probate, wills and estate lawyers in Sydney by calling Antunes Lawyers Sydney on 02 9964 0499 today.