Wills Brisbane

A Will is not a document that one should make and simply forget. A Will should be reviewed at least every couple of years to ensure that it still accords with your wishes and deals effectively with your assets. There are also certain life events which should trigger a review of your Will and estate planning.<br />These include:<br />marriage;<br />divorce;<br />the birth of children;<br />the death of a person named in your Will; and<br />the Sale of a Business or Substantial Asset.<br /><br /><br />Marriage<br />A Will executed prior to a Testator's marriage, not made in contemplation of that marriage, will be revoked to the extent that it provides for anyone other than the new spouse. This means that any gifts to third parties or appointments of substitute executors will be revoked.<br />For example, Jack and Jill have been in a relationship for three years and recently got married. Prior to this, Jack prepared a Will whereby he appointed his mother as the executor of his Will and gifted half of his estate to Jill and the remaining half to his parents. Jack's Will was not made in contemplation of marriage. This means that the appointment of his mother as the executor and the gift of half of his estate to his parents has been revoked.<br />The effect of marriage on a Will can sometimes result in portions of the estate being distributed pursuant to the intestacy rules or the need for an executor to be appointed by way of application to the Supreme Court.<br />Divorce<br />Conversely, where a Testator divorces, any appointments of or gifts to an ex-spouse are revoked. This could mean that the Will is revoked in its entirety and the Testator effectively dies without a Will. This could be the case where a Testator has appointed their spouse as the Executor and residuary beneficiary of their estate. Whilst a gift over to children may be included, this will be of no consequence if the Testator does not in fact have any children.<br />Furthermore, any specific gifts made to members of the ex-spouse's family will not be revoked by divorce. These gifts may no longer be appropriate or accord with the Testator's wishes. It is therefore important to ensure that after divorce a new Will is prepared, reflecting a Testator's new circumstances.<br />The Birth of Children<br />New additions to the family should also prompt a Testator to review their Will and possibly their estate plan. Following the birth of a child most parents wish to include their children as beneficiaries of their estates, and an existing will may not have contemplated this.<br />Death<br />Whilst the death of a family member or friend is no doubt a tragic event, it should also prompt a Testator to review their Will and to consider if the deceased was included as a Beneficiary or appointed as an Executorl. If so, it may be appropriate to consider who will be appointed to replace that person, either as an Executor or Beneficiary.<br />Sale of a Business or Substantial Asset<br />The sale of a business or significant asset, for example a family home, should also trigger a review of a Will. Ordinarily, these assets constitute a significant portion of the Testator's estate, the removal of which could result in a carefully thought out succession plan failing. It may be the case that restructuring is required in order to achieve the Testator's desired outcome.<br />Similarly, it may be that the business or family home, or other significant asset, has been gifted in the current Will to a specific beneficiary. Where the subject matter of a gift no longer exists, it is advisable to remove the gift altogether, rather than rely on the operation of legal principles (known as ademption) to void the gift. Not only will the review and removal of any redundant specific gifts ensure a Will stays current, it will also reduce the risk of challenges based on the construction of the Will.<br /><br /><br />There are also certain life events which should trigger a review of your Will and estate planning.<br /><br />Prior to this, Jack prepared a Will whereby he appointed his mother as the executor of his Will and gifted half of his estate to Jill and the remaining half to his parents. Whilst a gift over to children may be included, this will be of no consequence if the Testator does not in fact have any children.<br /><br />New additions to the family should also prompt a Testator to review their Will and possibly their estate plan. Not only will the review and removal of any redundant specific gifts ensure a Will stays current, it will also reduce the risk of challenges based on the construction of the Will. find out more with [http://www.macdonnells.com.au/ Brisbane Solicitors ]