Tuesday, June 14, 2011

When do wills need updating?

In many cases, the need to update a will is obvious due to significant changes in tax or trust laws or a significant change in the circumstances for a client.

Some of the other reasons that a will may need changing are often not as obvious and a brief summary of the potential trigger points is as follows:

(a) there is a change of name of the will maker or anyone named in the will changes their name;

(b) an executor/trustee dies or becomes unwilling or unsuitable to act due to ill health, age or any other reason;

(c) a beneficiary dies;

(d) the family situation or that of any beneficiary changes (e.g. through marriage, divorce, matrimonial problems, children or further children, de facto relationships or interpersonal relationships);

(e) there is a material change in financial circumstances of the will maker or any beneficiary;

(f) the will maker becomes involved in a new business, company or trust.

Until next week.