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.
