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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- a will is out-of-date;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:
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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.
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