Having a last will and testament is something that most people know about. However, they do not know how often they should be updating or revising their will. If you are one of these, you should learn from will lawyers sydney that legal documents such as will needs to be reviewed and updated especially if there are spcecific milestone in your life.
A Major Life Change
One of the most common reasons to change your will is a significant change in your life. This could be anything from marriage to divorce from a sudden inheritance. If anything in your life changes, you need to review your will.
During a divorce, you will want your ex-spouse removed from your will as soon as possible. The opposite is true if you are getting married, you will want to add your new spouse to the will. The birth of children is another major event that should prompt a review of your will.
Changes To The Law
Inheritance and tax laws change over the years, and if your will is out of date, your beneficiaries could suffer. This is why you should look at reviewing your will whenever there is a change to the laws that impact it. Of course, it can be hard to determine if there have been any significant changes unless you are in the legal profession.
If you are unconfident about any changes, you should contact the lawyer who initially helped you create the will. The lawyer will be able to notify you of any significant changes to tax or inheritance law that affect your will. Just remember that not all changes to the law will impact your will.
Changes To The Executor
When you create your will, you need to name an executor of the estate. This person will be responsible for handling your will and the estate after you pass on. There will also be times when you need to change who the executor is, and this is done through a revision of the will.
There are many reasons why you might want to change the executor of your will. A common cause is that the executor has become incapacitated and will not be able to handle the duties they have. You might also feel that the executor is no longer the right person for the job. After all, people change, and you might grow apart which could make it hard for them to execute your will.
Regular Review Schedule
You do not have to wait for major life changes or changes in the law to review your will. It is advised that you reassess your will at least every 3 to 5 years. This will ensure that your will is always up to date and in line with the law.
This review does not have to be carried out with a lawyer, but many people will recommend this. This will ensure that your will is completely legal and that there will be no significant probate issues. Reviewing your will yourself can save you time and be easy if you do not have any major assets.