Creating a will is a crucial step in protecting your assets and ensuring your loved ones are taken care of after your passing. However, it’s equally important to recognise that a will is not a static document. To truly safeguard your legacy, regular updates are necessary. In this informative blog, Dr Craig Jensen Lawyers, a trusted law firm in Parkinson, Brisbane specialising in family law, wills and estates, and conveyancing, highlights the significance of updating your will regularly in the Australian legal context.
Updating Your Will Reflects Life Changes:
Life is dynamic, and circumstances can change significantly over time. Marriage, divorce, the birth of children or grandchildren, or the acquisition or sale of assets can all impact your estate. Regularly updating your will ensures that it accurately reflects your current wishes and provides for your changing family dynamics.
Protecting Loved Ones:
Updating your will allows you to account for the changing needs and circumstances of your loved ones. Whether it’s adding new beneficiaries or adjusting the distribution of assets, staying up to date ensures that your intentions are met and your family members are provided for in the best possible way.
Incorporating New Assets:
Over time, you may acquire new assets or investments that need to be included in your estate plan. Failing to update your will can result in these assets not being distributed according to your wishes. By regularly reviewing and updating your will, you can ensure that all your valuable assets are accounted for and allocated appropriately.
Avoiding Intestacy:
Intestacy occurs when a person passes away without a valid will in place. In such cases, the distribution of assets is determined by the law, which may not align with your preferences. Regularly updating your will helps avoid intestacy, ensuring that your assets are distributed according to your specific instructions.
Tax Planning Opportunities:
Updating your will provides an opportunity to review your estate plan from a tax perspective. Changes in tax laws or personal circumstances may create new opportunities for tax minimisation and asset protection. By staying current, you can take advantage of these opportunities and potentially reduce the tax burden on your estate.
Updating Executor and Guardianship Designations:
Your chosen executor and guardians play critical roles in carrying out your wishes and caring for your loved ones. Over time, relationships may change or circumstances may arise that necessitate updating these designations. Regularly reviewing and updating your will allows you to ensure that the right individuals are entrusted with these important responsibilities.
Regularly updating your will is essential for safeguarding your legacy and ensuring that your assets are distributed according to your wishes. Dr Craig Jensen Lawyers, based in Parkinson, Brisbane, is your trusted partner in comprehensive estate planning. With our experienced and professional team, led by Dr Craig Jensen, who has practised as both a Barrister and a Solicitor since 1975, we provide tailored legal support to meet your specific needs.
Contact us today at 07 3711 6722 to schedule your consultation. Our convenient location at 485 Algester Road, Parkinson, Brisbane, makes it easy to access our services. Let us guide you through the process of updating your will and ensuring a secure future for your loved ones.
