The best advice seems to recommend that we should review our Will about every five years or so, though it is apparent that not all of us actually do that.
At any age, a lot of changes can occur in our lives over five years and if those changes are significant enough, it would be very wise to consider making a new Will. The consequences of dying with a badly out of date Will could range from dramatic at best to catastrophic at worst.
Some examples of significant changes in our lives necessitating a new Will can be:
• the sad death of a beloved spouse
• the birth or death of children or grandchildren
• separation, divorce or entering into a defacto relationship
• the death of a nominated beneficiary in our current Will
• the death of or incapacity of our nominated executor
• a substantial change in our financial circumstances
• a change of mind as to how we want our estate to be distributed (eg. to add a new beneficiary)
• major changes in any relevant laws
If any of these events have occurred since we made our last Will, we should very seriously consider drawing up a new Will which reflects the changed circumstances. As always, it is best to seek the help of a solicitor to complete the formalities when making a new Will. Their relatively modest fee is worth it, giving us confidence and peace of mind that everything has been done legally and properly.
If you would like to know more about how to make or change a Will or what to consider, then ANGLICARE would be pleased to send you our Wills booklet (as illustrated above) which contains a good deal of general information about the topic. The booklet is free of charge and most will find it to be an interesting read too, about ANGLICARE’s ministry of providing Christian care and support to people in great need.
Alternatively, I am always freely available to speak with you on an informal but strictly private basis about any of these matters.
My contact details are:
PO Box 427,
PARRAMATTA NSW 2124 (Attn: Mr Greg Solomon)
Phone: 02 9895 8086 (direct line)