5 Crucial Life Events That Demand an Immediate Will Update
In the journey of life, significant events necessitate a pause and reflection on many things, including the legal documents that govern our wishes posthumou-sly. One such crucial document is a will. In this article we are sharing Vicca Law’s top five life-changing events that should prompt you to update your will.
1. Marriage: A Union That Changes Everything
The moment you say "I do," not only does your life change significantly, but so does the status of any existing wills. Under Section 14 of the Succession Act 1981 (Qld), marriage automatically revokes previous wills. Without a new will, your estate could fall under the laws of intestacy, which might not reflect your new familial setup. Creating a joint will with your spouse ensures that your mutual wishes are documented and legally recognized.
2. Divorce or Ending a De Facto Relationship: Protecting Your Wishes
Similarly, the end of a marital or de facto relationship marks a significant shift in your life and necessitates a will update. Sections 15 and 15B of the Succession Act 1981 (Qld) provides that mentions of an ex-partner in a will are automatically nullified upon divorce. However, it does not remove references to their family in your Will. Without an update, assets could unintentionally benefit their family, not yours. It’s crucial to revise your Will to reflect your current intentions and familial structure.
3. Entering a De Facto Relationship: Understanding Legal Implications
The legal recognition of de facto relationships, defined under the Succession Act 1981 (Qld) as cohabitation for two years on a domestic basis, could impact your estate planning. A de facto partner has the right to contest your will, making it essential to consider this when entering such a relationship, especially if children are involved. Consulting with an estate planning lawyer can help navigate these waters, ensuring your assets are protected and distributed according to your wishes.
4. Welcoming Children: The Need for Guardianship Clarity
The arrival of a child, whether through birth or adoption, introduces the crucial task of appointing a guardian within your will. This addition ensures that your wishes for your child’s care and upbringing are respected and executed in your absence. Failing to specify this in your will can leave your child’s future uncertain and open to decisions that might not align with your parental hopes.
5. Changes in Specific Gifts: Keeping Your Will Relevant
Assets come and go, and their values fluctuate over time. If your will includes specific gifts, any change in the status or value of these assets could affect the intended equitable distribution among your beneficiaries. Regularly reviewing and adjusting your will to reflect the current state of your assets prevents unintended consequences and ensures fairness among your heirs.
Taking Action
Life's significant milestones are moments of joy, reflection, and sometimes, challenge. They also serve as critical junctures for reviewing and updating your will. We recommend you review your Will each year and look to update your Will every three to five years or immediately following any of these life-changing events.
If you find yourself in one of these pivotal moments, it’s crucial to act promptly. For professional guidance on updating your will to reflect your current life circumstances, visit Vicca Law or contact Lidia directly to ensure your wishes are accurately documented and legally protected.
Remember, a will is more than just a document; it's a reflection of your life, values, and wishes for your loved ones. Keeping it updated is not just a legal formality but a profound act of care and responsibility towards those you hold dear.