Getting Your Finances In Order - Preparing A Will

What do you want to happen to your estate when you pass away?

This is the very simple question that, hopefully leads you to a series of other very simple, yet important, questions.
Do you have a Will? When did you last review it? Has anything changed since then?

Here are some helpful tips:

  1. you should advise your Executor of the whereabouts of your Will
  2. if you marry after the date of making your Will, it will be revoked by law unless it is expressed to be made in contemplation of the marriage
  3. there are a range of circumstances where an alteration to your Will may become desirable, in particular

              (a) if you change your name or anyone mentioned in the Will changes their name
              (b) if an Executor dies or becomes unsuitable to act due to age, illness, mental capacity or any other reason
              (c) if a beneficiary dies
              (d)  if you have a specifically left any property to a beneficiary which you then subsequently sell or which changes in nature, or
              (e) if your family situation changes, for example, by the breakdown of a relationship or the birth of a child; and
       4. if you wish at any time to revoke or alter your Will,  you should contact your solicitor to ensure that the legal formalities are observed, otherwise your wishes may not take effect.

Source: Peninsula Law  Solicitors, Woy Woy. If you would like to update your Will, you can contact Peninsula Law on 02 4343 3000.




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