Oops I Did It Again... When do I review my Will?
I recently received a notification that I have used 75% of my iCloud storage. After a bit of digging I found several, dare I say “never seen before” videos, photos, and memes. Of course, a lot of them were Covid-19 related and were instantly deleted. Jokes about gaining weight during lockdown were obviously also very popular.
It then dawned on me - I have been ‘out-of-touch’ with the world. I intentionally ignored links, news articles and videos, mainly because I was getting tired of all the negative news.
In an attempt to get ‘up-to-date’ I opened a news website and stumbled upon a mind-numbing article about Britney Spears. Apparently, she has been training hard during lockdown. Unfortunately, not all of us have the privilege of living with (and being in a relationship with) a personal trainer. Needless to say, I closed the webpage after about 5 seconds (you might say 5 seconds too long).
In all honesty, I have been swamped with instructions from clients. I have drafted countless urgent Wills and Estate Planning documents. During this time, I have had two very popular questions, one being, ‘how do I sign my Will?’, and the other, ‘when do I review my Will?’ The purpose of this blog is to answer the latter, albeit briefly. You will find the answer to the first question in my blog entitled ‘The Sparks of Covid-19 – How do I sign my Will?’.
At Butlers we send reminders to our clients every, 1, 3, 5 and 10 years to review their Wills. When reviewing your Will, it is advisable to consider, amongst other things:
- have you married, or Divorced, after your Will was made? If yes, was your Will made in contemplation of that marriage or Divorce?
- have you entered into a de facto relationship after your Will was made?
- is your Executor still alive?
- have you had any children after your Will was made? If yes, are they covered in that Will?
- have you sold, or gifted, any of the assets specifically mentioned in your Will?
- have any of your beneficiaries died?
- have you decided you now want to disinherit a partner, child, parent, or anyone else?
In recent years there have been substantial changes to succession law, taxation law and family law, that could significantly impact on your Will. Consider updating your Will, and seek professional legal advice, if any of the above has caught your attention.
Perhaps you are not interested in Britney, laying in her massive sparkling-clean pool that overlooks lush green mountains. However, be motivated to make sure that your Will is up-to-date and valid. It will be a weight off your shoulders to know that you have effectively provided for your loved ones.
If you have any questions, please contact the Team at Butlers.