Why it’s important to keep your will up-to-date

by The Cleardocs Team

One of the most important documents that a person will arguably ever produce is a will, and in order to ensure that the person’s estate is administered according to their wishes, it’s not only essential to have a will, but to keep it up-to-date as well. A person’s life does not stay on hold, nor should their will; therefore, it’s fundamental that a person’s will reflects changes in their personal circumstance, along with any legal and statutory developments (such as the possibility that a person’s super may be excluded from a will) that may have an impact on how the person’s estate can be administered.

Further important issues regarding wills and estate planning can also involve:

  • succession planning relating to companies and trusts;
  • testamentary trusts, and tax savings regarding any children;
  • the contesting of the testator’s will by family members;
  • statutory wills: planning for a person who does not have testamentary capacity.

Orderly succession planning ensures that a person’s estate is distributed appropriately upon their passing. Sadly, it’s not uncommon to have issues arise amongst family members left behind after a person’s death, and the problems can be further exacerbated if:

  • a person dies without a valid will (dying intestate);
  • a will is out-of-date;
  • a will fails to take into account assets such as superannuation, which may not form part of the estate.

Source: This article was first published in Cleardocs' ClearLaw legal bulletin. To subscribe to ClearLaw legal bulletin, or for more information, please:

 

Get help for your succession and estate planning needs

If you have any questions about this article or would like advice concerning yours or your clients' estate planning, contact Maddocks on (03) 9288 0555 and ask for the Cleardocs Help Desk: they will put you through to the relevant member of our Private Client Services Team.

Order estate planning document packages through Cleardocs

 Order estate planning document packages through Cleardocs

 


Findlaw

We welcome your feedback

Hi there! We want to make this site as good as it can for you, the user. Please tell us what you would like to do differently and we will do our best to accommodate!

   
Protected by FormShield


 
 
We've updated our Privacy Statement, before you continue. please read our new Privacy Statement and familiarise yourself with the terms.