New Year’s Resolution: Make (Or Update) Your Will…

A young couple welcomed their first child just before Christmas, and spent the holidays talking with family about who they would want to take care of the child in the event that both parents passed away. 

They realised that as neither of them had Wills, among other issues they would not be able to ensure that their guardianship wishes were followed in the event of their deaths. 

Early in the New Year the new parents visited their lawyer to make Wills that would provide for the guardianship of their child.

The New Year is an ideal time to put making a Will at the top of your “housekeeping” list.  

We recommend regularly reviewing your Will, generally every five years, especially if your situation changes.  You may have made a Will years ago but not looked at it since, and it may no longer reflect your current wishes. 

You should consider whether any of the following are relevant for you, as they may present an occasion when you need to make a new Will or update your current one:

• The birth of a child;
• Getting married or entering into a civil union;
• Separating or divorcing from a partner or spouse;
• Buying or selling property;
• Setting up a new business;
• Overseas travel (especially if this will be for an extended period of time).

A Will is a very important document as it gives legal effect to your wishes and intentions in providing for your loved ones.  However unless it is carefully drafted, properly signed, and appropriately witnessed it will have no legal effect. It is a very important document so the requirements are very technical. 

If you would like to update your Will, or if you do not have one, see your lawyer or legal advisor about getting your affairs in order in the New Year.