People often approach us asking about estate planning. If you haven’t updated your Will or don’t have a Will at all hopefully this helpful checklist will answer your questions! Here are some major life events and what they mean for your estate planning:
1. I just got married
Yes, marriage voids a Will, time to get a new one (unless your will was made in ‘specific contemplation’ of the marriage – tricky hey!)
2. I just got divorced
Yes, did your Will leave assets to your now ex? You may not wish to continue providing for them or you may be more generous. Here at Tiyce & Lawyers we can help you work that out!
3. I had a child
Yes, you will want to make sure your child or children are adequately provided for or have specialist advice on steps to protect your wishes in the event you have not made provision for them in your will.
4. I purchased a property
Yes, a great time to review your Will, especially if you purchased the property with someone else. Your old Will may no longer do what you intend it to.
5. I have lost my Will
Yes, time to get a new one. If you die without a Will it is more financially and emotionally costly for your loved ones to administer your estate.
6. It’s been 12 months
Yes, Reviewing your Will ensures it is up to date and still in line with your intentions. Family is complicated and relationships change. Make sure you are up to date.
7. I have died
No, it is now too late to review your Will. You should have done so sooner.
You will see that a pattern has emerged here! Have a Will and update it regularly to protect your estate and to minimise the burden on your loved ones and make sure your wishes are given effect upon your death.