Do I need to Review my Will?
CIRCUMSTANCES TRIGGERING A REVIEW OF YOUR WILL INCLUDE:
Change in Relationship:
You should review your Will if you have:
· Entered into a de facto relationship;
· Terminated a de facto relationship;
· If you are married and have separated;
· Entered into a Binding Financial Agreement with a spouse or partner
· Married
· Divorced
Other Changes in personal circumstances prompting a review:
· Death of a Spouse or partner
· Death or incapacity of a child
· Death of any beneficiary named in your Will
· Death or incapacity of an Executor named in your Will
· Birth of a grandchild
Changes in Financial Circumstances prompting a review:
· Commenced a new business
· Entered into an Agreement affecting your estate: eg. a Buy/Sell Agreement with a business partner
· Established a Self-Managed Superannuation Fund
· Established a trust or a company
· Acquired real property either solely or jointly with others
· Made loans to beneficiaries named in your Will
· Acquired life insurance
· Intend moving to another country
Changes in circumstances of beneficiaries, appointors, executors and trustees:
You should review your Will if any of these persons are affected or likely to be affected by:
· Divorce
· Bankruptcy
· Drug or alcohol or gambling addiction
· Entering into a high-risk occupation
· Accident or disability
· Estrangement from you
· Moving to a foreign jurisdiction
· Receiving social security benefits