Update your Will

Ready to update your Will?

Often it takes a major life event to prompt someone to create or update their Will. We recommend that you consider regularly updating your Will as you go through major milestones in life such as having a child, purchasing property, getting married, selling a business or getting divorced. 

The COVID-19 pandemic is certainly a major life event that has prompted many APS members to pause and reflect on changes that they should be making to their Will. Here are a few things to consider when looking at potential updates to your Will in a post-pandemic world.

Family financials

Have you or your family been impacted by major job loss or financial hardship as a result of the pandemic? The financial impacts of COVID-19 will be seen for years to come and this may affect the choices made in your Will. You may like to think about whether your Will currently provides for family members, whose circumstances may have changed as a result of the pandemic. Potentially your beneficiaries who were once comfortable financially are now in need of further support. 

By accounting for these changes, you will have confidence that your loved ones now have the care that they need if something unfortunate happens to you while they are struggling financially. This will also minimise the likelihood of beneficiaries challenging the Will and causing family disputes during a difficult time.

Relationship changes

Unfortunately, relationship breakdowns have been a reality for thousands of families over the past 18 months. Many people incorrectly assume that separation automatically results in a change to their Will. Although divorce will nullify a Will, separation will not and therefore former partners could benefit. If you are experiencing a family breakdown, consider what changes you may wish to make to your Will to ensure your loved ones are a priority.

Many things have been put on hold over the past 18 months, however, experts are predicting a baby boom as a result of the COVID-19 pandemic. If you are welcoming children or grandchildren into the family, we recommend reviewing your Will and considering what changes you may like to make to include new family additions.

Asset valuations

Changing economic conditions may have impacted the value of your estate, including your assets. If you sold a business or needed to close permanently due to undesirable market conditions, you will need to update your Will accordingly. Alternatively, your business may have adapted favourably and the value has increased significantly.  Either way, it is important to consider any relevant changes and whether you need to update your Will accordingly. 

Potentially, your plan for other assets has also changed. Maybe you needed to sell a family home or now desire to live regionally to protect yourself from health risks. Either way, any changes to property assets should be reflected in your Will to ensure everything is still in order.

Lastly, changes to assets and values might also have impacted your superannuation balance. If the balance of a fund has reduced, you may also need to review inequalities in the estate plan.

Update your Will 

We are still surrounded by uncertainty in this ever-changing world, however, prevention is the best way to stay ahead of the game. If you have experienced any significant changes to your family’s financial position, your relationships or your assets, it’s time for an update. 

APS Wills are here to help you through the process. Click here to learn more.