As we approach the new financial year, it is crucial to ensure that your Will accurately reflects your evolving circumstances. Navigating daily life can often cause us to overlook this essential task, yet significant life changes such as the addition of family members, acquisition of new assets, or a shift in financial status should prompt timely updates to your Will. These adjustments are vital to guarantee that your estate planning aligns with your current situation and wishes. Below we provide some key considerations for drafting or revising your Will to ensure it remains comprehensive and effective, providing peace of mind for you and your loved ones.

Key factors to consider 

Choosing an appropriate executor 

Choosing an executor is one of the most critical decisions in updating your Will. The executor is responsible for managing your estate and ensuring that your wishes are carried out as specified. This role requires someone who is not only trustworthy but also capable of handling complex tasks such as settling debts, distributing assets, and dealing with legal requirements. Consider selecting someone who is organised, financially savvy, and emotionally stable. It might be a family member, a close friend, or even a professional such as a lawyer or an accountant. Discuss your choice with the person beforehand to ensure they are willing and able to take on this responsibility. This step is crucial to ensuring your estate is managed smoothly and in accordance with your wishes.

Comprehensive asset review

A thorough asset review is essential to ensure your Will accurately reflects your current financial situation. Over time, you may acquire new properties, investments, or other valuable assets that need to be included in your estate planning. Regularly updating your Will to account for these changes is crucial. Begin by listing all your assets, including real estate, bank accounts, retirement funds, stocks, and personal belongings of significant value. Don’t forget to consider digital assets like online accounts and cryptocurrencies. You should also bear in mind how your superannuation death benefits and proceeds of any life insurance policies will pass as they will often not pass pursuant to the terms of your Will. Additionally, reassess the value of your assets periodically to account for market fluctuations. This proactive approach helps ensure that your estate is distributed according to your wishes, providing clarity and peace of mind for your beneficiaries and loved ones.

Updating beneficiaries

Regularly updating the list of beneficiaries in your Will is vital to reflect the changes in your personal life. Families often experience significant events such as marriages, divorces, births, and deaths, which can influence who you want to include as beneficiaries. To ensure your Will remains current, review and adjust your beneficiary list whenever such changes occur. This process involves adding new family members, removing those who are no longer relevant, and reassigning assets as necessary. It’s also wise to communicate these changes to the affected individuals, so there are no surprises later. Keeping your beneficiary designations updated not only honours your current wishes but also minimises potential conflicts and legal challenges among your heirs. This practice ensures that your estate is distributed smoothly and according to your intentions.

Please note that it is NOT usually necessary to update your Will to simply update your address or the address of beneficiaries in the document.

Contact Us

Ready to ensure your Will is up-to-date and reflective of your current situation? Our dedicated team of estate planning experts are here to assist you through every step of the process. Contact us today to schedule a consultation and take the next step towards securing peace of mind for you and your loved ones.

Cullen Macleod
Daniel Gill – Principal
Kylie Pritchard – Senior Associate
Mia Lanigan – Solicitor

Telephone: 08 9389 3999
Email: mail@cullenmacleod.com.au