MCG Legal    Blog    5 Reasons To Keep Your Will Up To Date

A Will is one of the most important legal documents you will ever sign. Despite this, only 59% of Australians actually have a Will and many of those do not have a Will that reflects their current circumstances. You cannot overlook the importance of planning for your family’s future. If you do not have a Will, or your existing Will is outdated, here are five reasons why you should visit a lawyer as soon as possible to get your Will in order:

To make sure the right people receive the right assets

If you have not updated your Will in some time, it’s likely that your relationships with those named in your Will has changed. With all of life’s changes, it is also possible that there are new people in your life who are not even named in your Will.

We recommend you update your Will if:

– a person named in your Will has died;
– if you have divorced/separated;
– if you have remarried or have a new partner;
– if you have had a child/grandchild since your last Will was written;
– if a child named has turned 18 and you wish to revise certain bequests because of this.  

It’s also just likely that you have changed your mind in regard to certain people named in your Will. Maybe you’re not as close to your best friend anymore and do not want to leave them your car? Maybe you have developed a relationship with a charity that you would like to donate money to, upon your decease? It is essential to constantly review your relationships with those around you and critically think about whether your Will reflects your wishes in regard to those closest to you.

To protect your assets

At one point or another in each of our lives, we experience a significant change in our financial circumstances, sometimes out of nowhere. If you have seen a major increase or decrease in the value of your assets, we recommend you revise your Will. You may have bought a new house, started a business or received an inheritance yourself. You may also have new insurance policies that you may want to name beneficiaries for. In any event,  any change in your assets should be accounted for in your Will.

To appoint a guardian for your children

This is a particularly important reason to update your Will. If you do not decide to appoint a guardian for your children in the event of your death, someone else will decide for you. Your children should go to a guardian that you love and trust, and that you know will take the best care of your children after you’re gone. It’s important to constantly be reviewing whether you have appointed the right guardian, and if your current Will does not reflect your wishes, update it as soon as possible. You don’t know when you might have your last day living and you don’t want to leave your children in a compromised situation.

To protect your business

Are you a business owner? If you answered yes, it’s quite likely that, as a business owner, a substantial portion of your families source of income and wealth is tied up in this particular business. You need to update your Will to reflect whether you want to pass your business down to your family or sell it to someone outside your family. Further, while the business is still in existence, steps should be taken to mitigate the chances of your family having to pay estate tax on a business that no longer exists upon your death.  There is also a possibility that your business does not form part of your estate and it is important that you seek legal advice to determine whether that is the case.

To protect your loved ones from more stress

Let’s face it, losing a loved one is a life event that is always difficult, and the last thing any of us want to do is spend the time that we should be mourning, communicating with lawyers and other family members what your loved one’s intentions were in the absence of a will. Keeping an updated Will means that your loved ones can bypass the bureaucracy and lessen the stress during a time of sadness.

For more information about the estate planning services provided at our Gold Coast practice, we invite you to call our estate lawyers on (07) 5591 2222 or contact us regarding a free 30-minute initial consultation.


Recent Articles

Why You Need a Strong Advocate on Your Side

Having a strong advocate on your side is critical. In this piece we dive into why it is so important to get you the best possible outcome. You don’t want a piecemeal lawyer who can’t tell you directly what they believe your best course of action. Having clear advice helps put on the path ...

Read More

5 Reasons To Keep Your Will Up To Date

A Will is one of the most important legal documents you will ever sign. Despite this, only 59% of Australians actually have a Will and many of those do not have a Will that reflects their current circumstances. You cannot overlook the importance of planning for your family’s future. If you do n...

Read More

How We Help Clients Referred To Us

For most professional service providers, a great deal of work comes through referrals. The reason for this is that most professionals focus their advice in a particular area, and as such, when questions come up that they cannot help with, they want to make sure their client gets the best advice from ...

Read More

Matt's Story

Many of you will know that MCG Legal has been advising Gold Coast businesses for over a decade, but have you heard how we started out? Our Principal and founder Matt Gill started MCG Legal in 2009, but you may not know that before starting his life in law, Matt served for over a decade as a police of...

Read More

What Are My Rights If My Partner Leaves With My Kids?

Children can sometimes find themselves in the middle of separation disputes when one parent tries to relocate the children, such that the relocation makes it significantly more difficult for the child to spend time with the other parent. Obviously, these situations are can be traumatic for everyone, ...

Read More

5 Standout Gold Coast Restaurants We Love To Support

We love supporting local businesses. Both with our practice and with our wallets! Especially local restaurants!! It has been a tough market for a lot of restaurant owners in Australia for some years. Rising costs, changing spending habits and shifting demographics have made it hard for even the bette...

Read More

Understanding the Three Types of Child Support Agreements

One of the most stressful parts of a divorce process is dealing with child support. It’s important for anyone who finds themselves in that situation, to understand the different types of agreements you can enter into with your partner. A child support agreement is a written agreement between pa...

Read More

The MCG Legal Story

When you’re busy growing a firm, raising a family, and trying to have a life at the same time, you can neglect to tell your own story (or even reflect on it). This has certainly been the case for us in the past few years. Moving forward though, we’re taking a new direction with our blog a...

Read More

When Should I Speak to a Lawyer About My Relationship?

Relationships are tough, and going through a breakup is one of the most stressful situations any adult can deal with. Sadly, what makes it even more difficult is not understanding your rights, not knowing what you can do, and feeling stuck. As family lawyers who have gone through relationship breakdo...

Read More

5 Ways Gold Coast Professionals Can Build Strong Referral Networks

Referrals are the lifeblood of professional services firms. And why wouldn’t they be?! As professionals, we tend to deal with similar clients, just at different times and in different points of their lives. Living in a place like the Gold Coast where everyone knows everyone, it is absolutely cr...

Read More

4 Actionable Tips to Help You Through Your Divorce

“How good will it feel to wake up tomorrow and know that this is behind you?” As a leading family law practice on the Gold Coast, we know just how difficult the divorce process can be for our clients, even when they get the best possible result. We’ve actually been through it ourselves, so ...

Read More

Child Custody & Parenting Disputes

Many relationship breakdowns involve children – which leaves the question, “How will the children spend time with their mother and father post separation?”.  The paramount consideration in all disputes involving children is the concept of the “child’s best interestsR...

Read More