Relationships and circumstances are never set in concrete – life is always changing! If you already have a will in place, it’s important to ask yourself if everything is still relevant. Have some people moved out of your life, and others moved in? Have you sold certain assets and acquired others? These are all good reasons to update your will and make necessary changes for it to stay relevant and legally valid.
In this article, we share eight compelling reasons to rethink the details of your will and consider making changes. We also have a free guide that you can download and keep handy (scroll below to find the link).
8 signs to help you know when to update your willÂ
If you’ve recently experienced any of the below life events, it’s time for a will update. And remember – our team of professionals can implement changes to your will as part of our State Trustees will service for Victorians.
Your relationship status has changed
Have you married, entered in or out of a de facto relationship, separated, divorced, or become widowed since your last will? Changes to your relationship status are a good reason to review the current will and make any necessary updates.
You now have kids, grandkids or pets
Families grow and evolve, and perhaps there are now more people you want to provide for later on.
Your financial situation has changedÂ
Since writing your last will, you may have bought or sold real estate or shares. Possibly, you’ve undertaken renovations, and your property’s footprint and value have significantly changed. Maybe you’ve come into an inheritance. Such changes can affect your estate planning.
Your business interests have changed
Since writing your last will, you may have purchased or sold a business or bought or sold more shares in it. Â
Your executor has changed or is no longer available
Life changes not only for you but also for the people around you. Your executor may no longer be willing or able to act on your behalf. They may have become unwell or even passed away. Remember – State Trustees provides professional services if you need a new executor of a will. Â
You need to make adjustments to names in your will
People’s names often change for many reasons. If someone in your will has married and taken their partner’s name, or they’ve changed their name with the Registry of Births, Deaths and Marriages Victoria (BDM), you will need to make amendments. Â
Contact details are different
Have you changed your name or moved to a new address? These latest details must form part of your current will.
You need to review your Power of Attorney
A Power of Attorney allows you to appoint someone to look after your financial and personal affairs should you become unable to do so. Ensuring your will is up-to-date enables them to make decisions that accurately reflect your current wishes and relationships.
We hope these reasons to update your will are helpful. Please remember them so you can make changes and keep your wishes correct and legally valid. Â
Download your free guide
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How to update a will
State Trustees Victoria helps make updating a will easy, quick and affordable. Â
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State Trustees assists thousands of Victorians every year. See how we can help you.
Cost to update a will
Through State Trustees Victoria, you can create an Online Will for just $69. Alternatively, costs start at $264 for you to meet one of our expert Will Writers and have us take care of things.Â
Contact us about updating a will
Update your will easily, quickly and affordably with professional assistance from State Trustees Victoria. Our friendly team of experts looks forward to hearing from you.  Â
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We’ll make this process as straightforward as possible.Â
