When to check your will
August 11, 2016 by Clewett
When was the last time you reviewed your Will?
Have your circumstances changed since you last looked at your will? Regardless of the stage of life you are at, it is best that you take a look at your will every once in a while.
Review your will every two to three years
Generally, it is advisable to review your will every two or three years or whenever a major event occurs in your family. A regular review, will ensure that your will is kept up to date with any changes to your life and any new legislation.
Triggers to review your will
- When a major event happens, like a birth or death in the family
- When you purchase or sell a major asset like a house or a business
- When you get engaged to marry, enter into a de-facto relationship, get married, separated or divorce your partner
- If there has been a breakdown in a relationship with relatives or friends
- If you’ve disposed of or acquired major assets
- You have you made a gift or loan of money to one of your beneficiaries which affects the division of your estate e.g. for school or university fees, or a house deposit?
If you own your own business or have a trust, you should also have a closer look at those too, or at least ask the question of what happens to them when something happens to you.