In Western Australia, updating a last will in certain circumstances is recommended to ensure it accurately reflects your wishes and circumstances. While there is no fixed timeline for updating a will, it is advisable to review and update it whenever significant changes in your life or the legal framework may affect its validity or effectiveness. Here are several instances when updating your last will is commonly recommended:
Major life events
Reviewing your will after significant life events such as marriage, divorce, separation or the birth or adoption of a child is prudent. These events may necessitate changes in beneficiaries, guardianship provisions or the distribution of assets.
Change in your financial situation
Suppose your financial situation changes significantly, such as acquiring substantial assets, selling properties, starting a business or inheriting a considerable sum. In that case, reconsidering how your assets should be distributed and updating your will would be a good idea.
If you move interstate or overseas, you'll need to consult with a legal professional in both your current and new jurisdiction to ensure that your will aligns with the laws and requirements of the relevant jurisdiction.
Changes in relationships
Should your relationships with beneficiaries, executors or guardians named in your will change significantly, it may be necessary to review and update your will to reflect these altered circumstances.
Changes in tax laws
Changes in taxation laws, including estate tax or capital gains tax regulations, may affect the distribution of your assets. It is advisable to seek professional advice and update your will to optimise tax efficiency and minimise potential tax burdens.
Change in personal wishes
Your preferences and priorities may change. If you don't feel that your current will accurately reflect your wishes, it is essential to update it.
To ensure your updated will is legally valid and properly executed, consulting with an experienced estate planning lawyer specialising in wills and estates is highly recommended.
At Crystal Lawyers, we can advise you and help you draft a comprehensive and legally binding will that aligns with your intentions and the prevailing legal requirements in Western Australia.
Please feel free to call us on 04211 45637 for advice.