Reasons to review my will?

Reasons to review my will?

Matters that may indicate the need for you to review your will include the following

Are you still happy with your choice of executor?

Executor may have died or moved elsewhere.

Is there someone else you would prefer to appoint as Executor?

Are you getting married or divorced in the near future?

Marriage revokes a will

Divorce cancels the Will unless the Will makes it clear the divorce is not to revoke the Will

Are there any specific gifts you want to include in your will eg. jewellery, money, family heirlooms?

Unless it is identified in your will it is not legally effective

Do you have a business where your special knowledge is critical to it’s value?

If you have a family trust, who will assume control of it on the death of you or the survivor of you and your spouse?

Is your will tax effective?

Direct gifts may not be as tax effective for your children as a testamentary trust now provides them with protection of their inheritance from eg. creditors or divorce proceedings

Do any of your beneficiaries have special needs, eg. intellectual disability, that mean a testamentary trust would be appropriate to manage their inheritance.

Insurance policies and superannuation: consider ownership of them and nominate beneficiaries.

Have you appointed a testamentary guardian for your children and prepared a set of guidelines (memorandum of wishes) to assist your guardians with their upbringing?

All of these are very important considerations or matters that indicate the need to review your will.

Formbys Lawyers has been assisting Western Australians for over 40 years in estate planning and probate matters.

Call our office today on 08 9354 0300 or email us detailing your requirements.

Formbys Lawyers, your local legal solution.