Updating My Will

A Will is an important legal document that sets out your final wishes. It provides directions and instructions on how you would like your estate to be distributed in the event of your death, and the person you want to appoint to manage your estate distribution process. It may also include financial, family and funeral directions.

Once your Will has been signed, you should revisit it regularly to make sure that it still gives effect to your wishes. You should also be aware that there are some circumstances in which your Will might be revoked or invalidated. In this case you will need to prepare a new Will.

Your personal circumstances can often change. If you already have a Will prepared, it is essential to review it regularly to ensure it is always up-to-date. If your Will is revoked or invalidated and you do not prepare a new one, your previous Will or the rules of intestacy will be applied to your estate when you die.

When to Update Your Will?
Situations that may prompt a change of your Will include marriage, divorce, the birth of children or grandchildren, the death of a beneficiary or executor, or a significant change to your financial situation or assets.

Updating Your Will Without Legal Advice
Making changes to your existing Will without legal advice can be risky. Some changes can potentially invalidate your Will and your wishes may not be carried out.

One of the main reasons why a Will should not be simply amended, such as by hand, is because of the potential for fraud. A tampered Will can open an opportunity for the Will to be contested should the modification result in someone either receiving less or missing out entirely. These changes can be perceived as suspicious, such that the Will is made either under undue influence or made without the Will maker’s knowledge. When a Will is contested the legal costs will eat into the estate funds resulting in an overall reduced amount for the beneficiaries.

In most instances we may recommend for a new Will to be prepared. This will demonstrate the Will has been prepared without undue influence and without fraud. In addition to the preparation of your new Will, we will also document why such changes were made. This can assist in demonstrating the Will maker’s reasoning and intention after the Will maker has passed away.

If you would like to update or prepare a Will, Straits Lawyers are here to help. We are now offering an online package for Advance Care Directives and Wills. Simply purchase our package via this link: https://straits-lawyers.square.site/product/will-and-advance-care-directive-package-/13

Alternatively, you can email us at info@straitslawyers.com or call at 08 8410 9069 to find out more.

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Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.