7 reasons to update your will

By Public Trust 

    When preparing for the expected, or the unexpected, protecting the legacy you’ve worked hard to build, is one of the most meaningful things you can do for yourself and those around you. We all know that things change. Our financial situations change. We move house. Loved ones leave us and new family members join us. You may have already made all the big decisions when writing your Will before, but if these types of circumstances change for you, so should your Will. 

    We’ve listed some important life events below that should trigger a review of your Will: 

  1. Significant changes to your assets or liabilities. This could be your finances, debts or perhaps you’ve sold or bought the property. 
  1. Changes to your personal circumstances such as getting married, entering into a civil union, or a de facto relationship. The same may apply if someone else in your family has a change in their circumstances which may in turn have an effect on your Will. 
  1. Separating, or legally ending a marriage or civil union Again, the same may apply if someone else in your family has a change in their personal circumstances. 
  1. Any new additions to the family like a child or grandchild join your family. 
  1. Are you starting a business? 
  1. Are you forming a family trust? 
  1. Someone you’ve named in your Will has passed away. 

    A good rule of thumb is reviewing your Will every 5 years. Not only will you be able to make any necessary tweaks, but it’s a good reminder to check if any external factors might affect your Will, like changes to relevant legislation. Keeping your Will up-to-date not only means your legacy is more likely to thrive in the way you want it to, but it will mean greater peace of mind for those you leave behind including those you nominate as your executor.