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When do you need a new will?

Just when do you need a new will? Change is the only constant in life and your will needs to change too. Every day, week, month, and year, your life changes. It’s important that your will keeps up with these changes, especially if any significant life events have occurred for you and your family. Whether you’re welcoming a new addition to the family, separating from your partner, buying or selling a house or business or winning lotto,your will needs to keep up with those changes. 

Perhaps you’ve separated from your partner and got a new partner, but you haven’t made a new will.  That could mean that your ex-partner might be entitled to money, property or goods from your will.

If your will doesn’t keep up with the changes in your life, and you pass away, it can become a complicated, stressful and drawn-out process for your executors to manage distributing the gifts you’ve left to loved ones in your will. To help you decide whether you need a new will or not, we’ve put together a checklist.

8 Reasons why you should update your Will

  1. When your name changes or anyone in the will changes their name
  2. If one of your executors (the person managing your will) gives up their job as executor
  3. When you start a new business or trust
  4. If your family gets bigger or smaller
  5. If you marry, separate or divorce
  6. If you sell a property listed in your will
  7. If a beneficiary passes away
  8. When your financial circumstances change (from bankruptcy, buying a house, a Gold Lotto win and everything in between!)

If you need help putting together a new will or administering an existing will, Yeppoon Lawyers’ Leonie Davey can help.  For more information or to book an appointment, call 07 4925 0229.