Not having a Will, or poorly prepared or out of date Will
could result in the assets you own or control not passing through to the people you intended to benefit from them.
If you have prepared a Will it is important that it is reviewed regularly to ensure it is current, especially where:
- there have been significant changes to your personal circumstances (eg birth, deaths and marriages); or
- you have. or expect to, set up new investment structures (eg company and property trusts); or
- you have, or expect to, invest in new assets (eg properties for development purposes).
To help you review your Will, please look at the checklist below:
- Locating you Will – Can you find your Will?
- Control – The Executor – Is control with the right person both now and if you first choice executor has died?
- Gifts – Is your estate left to the correct beneficiaries?
- Testamentary Discretionary Trusts – Have you considered the advantages of a testamentary trust Will?
- Births, Deaths, Separation and Marriages (or de Facto) – Has your family or relationship status changed since the date of your will?
- Your Assets – Have you bought or sold any significant assets (eg property) since the date of your Will?
- Investment Structures – Have you established or terminated any companies or trusts since the date of your Will?
- Superannuation – Have you specifically considered and dealt with your superannuation (this is separate to your Will)?