The importance of having a Will is widely understood, but it is equally important to make sure it stays up to date. A Will is not a document that can be signed once and then forgotten. As your personal circumstances change, so too should your estate planning.
Major life events such as marriage, separation, the birth of children, the purchase or sale of significant assets, or the death of a loved one can all affect whether your existing Will still reflects your wishes. Even if there have been no major changes in your life, reviewing your Will every few years ensures that it remains relevant and legally effective.
Recent media coverage of the dispute over Melbourne billionaire Nick Andrianakos’ estate is a prime example of why this matters. The case has focused on whether the late billionaire’s revised Will that was never signed should be given effect instead of the earlier signed Will. Regardless of what the Court decides, the dispute highlights how uncertainty in estate planning can lead to costly and time-consuming litigation, while adding unnecessary stress for families already dealing with the loss of a loved one.
Although most estates are far less complex than this one, the underlying principles are the same. It is crucial that your Will is signed and witnessed in accordance with the relevant legal requirements. Even where a document clearly records a person’s wishes, it may not have the intended legal effect if it has not been properly executed. A Will that has been prepared and executed properly provides certainty for your loved ones, gives your chosen executor clear authority to administer your estate, and helps ensure your assets are distributed in accordance with your intentions all while reducing the likelihood of potential disputes.
Taking the time to review your Will after a major life event, or every few years, is a simple step that can make a significant difference. Estate planning is not only about deciding who receives your assets, it is also about making the administration of your estate as straightforward as possible and providing your family with clarity at a difficult time.
At Caldwell Martin Cox, our Estates team can assist with preparing new Wills and reviewing existing estate planning documents. If it has been some time since you last reviewed your Will, now is a good opportunity to make sure it still reflects your circumstances and your intentions.
