Did you know that your relationship status can affect your Will?
That’s why it is so important to update your Will whenever your relationship status changes.
In NSW, marriage automatically revokes your Will. This means that if you previously had a Will and subsequently got married, that Will is no longer valid. You (and your spouse) will need to make a new Will. The only exception to this is if you made a Will “in contemplation of marriage” before you married. Otherwise, your old Will is revoked.
The danger of not updating your Will is that if you pass away, you will be considered intestate. If you die without a valid Will, your estate will be distributed according to the rules of the state and not according to your intentions.
Similarly, a divorce revokes a gift to a former spouse and an appointment of the former spouse as a executor, trustee or guardian in your Will. That’s why it’s just as important to make a new Will after a divorce.
So if you’re updating your relationship status on Facebook, don’t forget to update your Will as well! Updating your Will is easy and relatively inexpensive for the assurance and peace of mind that your loved ones are provided for as you intended.
Give us a call on (02) 9687 8885 and our lawyers will be able to assist you with your estate planning.