People who have already written a Will shouldn’t view it as a “set and forget” document but one that needs to be reviewed and updated regularly, said Anna Hacker, National Manager Estate Planning at Equity Trustees.
“Sometimes, having a Will that isn’t up to date can create more problems than having no Will at all. For instance, if a marriage has broken down since the Will was written, it might not automatically mean that the former partner will no longer be involved in the estate administration.
“There have certainly been cases where an estranged spouse has received everything under a Will after a bitter split, despite it clearly no longer being the deceased person’s wishes.
“Likewise, the birth of additional grandchildren could mean that the wording of a Will should be amended to ensure that everyone inherits equally and no-one feels left out,” she said.
Ms Hacker said Wills should be reviewed every three to four years to make sure they reflect current circumstances.
“Spending just a couple of hours going through the Will and updating it could save loved ones thousands of dollars, and significant distress, after you die.
“It is becoming increasingly common to see court cases where someone has challenged a Will because they believe they have been left out, or not received their fair share, and in many cases this could have been avoided if the Will had been kept up-to-date.
“I have seen long-standing rifts in previously close families because of such cases, and it would definitely have not been the wishes of the deceased to have caused such troubles,” Ms Hacker said.
Five key areas to look at when reviewing your Will include:
“These are the most common areas where problems can arise, so they are good ones to check on a regular basis,” Ms Hacker said.
“However, a thorough review should be undertaken from time to time as well, preferably with an expert who can help identify any potential problems, and find ways to address them.”
Equity Trustees was established in 1888 for the purpose of providing independent and impartial Trustee and Executor services to help families throughout Australia protect their wealth. As one of Australia’s largest and oldest listed independent trustees, we offer a diverse range of services to individuals, families and corporate clients including aged care advice, asset management, estate planning and philanthropic services.
Equity Trustees Limited is a subsidiary of EQT Holdings Limited. EQT Holdings Limited is a publicly listed company on the Australian Securities Exchange (ASX: EQT) with offices in Melbourne, Kew, Sydney, Brisbane and Perth.
For more information please contact:
National Manager, Estate Planning
03 8623 5275 / 0433 138 004