The importance of keeping wills updated.
A Will is perhaps one of the most important and life-changing documents you will sign. This legal document outlines how your assets will be distributed, and any conditions attached to that distribution, when you die. It can also include any funeral wishes you have, financially provide for others through trusts, and give some or all of your estate to your designated charities.
But, are all Wills created equal? Actually, no. The more thorough your Will is, and the more planning you do now, the more secure your Will will be.
Wondering what happens if you don’t have a will?
Before we jump in, here’s a summary of why you even need a Will. If you die and don’t have a Will in place, your estate will be distributed using a formula outside your family’s control. Your assets may be distributed in a way you didn’t want, and even your children’s new guardianship (if under 18) could be affected.
1. Choose the right executor.
So, the first step is to choose the right executor. Your executor is the person named, by you, in a will to carry out your wishes after you die. It’s a huge role that involves much coordinating and organising. This includes collecting your assets, paying any outstanding debts, and distributing the property as set out in the will.
An executor does not need to have any special qualifications and is almost always a trusted family member or friend. However, they must be over the age of 18 and be responsible and diligent in carrying out the Will’s instructions.
2. Review often.
This doesn’t even need to be every year, but at least every few years you should ensure your Will is up-to-date. As life goes on, you’ll probably like to adjust your will accordingly. You might want to update your funeral wishes or add or remove certain assets. For example, let’s say you initially wanted to leave your car to a loved one, but ended up selling it to someone else before you die. You’d need to amend this in the Will.
You might also like to add new people, or even remove people if you no longer wish to include them.
3. Action immediate changes.
Aside from reviewing your Will every few years, some circumstances must be reflected in your Will as soon as possible. This will help avoid considerable stress and uncertainty for your family once you pass away. For example, if you get married or divorced, or have plans to do so, marriage and divorce in Western Australia can revoke a Will if special clauses are not included. If you have a child and wish to add them as a beneficiary, this must also be stated in your Will.
Got it. What now?
While you’re thinking about who your executor should be, definitely contact a trusted lawyer to draw a Will up with you. Avoid online Will kits — these are okay, but often aren’t as concrete as one written by a professional lawyer. If you don’t know who to turn to, we can point you to someone next time you’re in.
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