Life is hardly ever stagnant. People get married, have kids, buy houses, and sometimes hit the lottery.
Circumstances in your life always change, and because of that, having a Will that doesn’t take into account those changes in your circumstances is hardly ever appropriate.Certainly a Will can be put together to take into account future circumstances, but it can’t possibly cater for everything.
As a general rule of thumb, you should review your Will (or if you don’t have one, you should draft one up!) on any of the following events:
- Getting married, or entering into a long term de facto relationship
- Moving house, or moving abroad
- The birth of children or grandchildren in the family
- The death of your spouse, partner or other family member of your family
- On your children reaching the age of 18
- Divorce or separation
- On the sale of a significant asset, such as investment properties or family businesses
- A significant change in personal finances, such as winning the Lotto or receiving some money from a Will
- On your retirement
- The death of your spouse, partner or other member of your family
In addition to this, it’s often a good idea to review your Will every five years or so. Lots of things can change in five years, after all.
Like we said – if you don’t have a Will – now’s a good time as any to get one sorted out.