How to Effectively Update Your Testamentary Wishes with a Revised Will?

Many people think that a will is just a document that is written down only once, and then it’s simply stored safely until the will-maker passes away. But that’s not true. Wills are documents that should be updated and reviewed regularly.

Updating and reviewing will reflect on the changing familial and monetary situations of the person who made the will. It will also reflect on the changes made to the circumstances of the heirs and appointed executors. Here we have talked about the ways to update testamentary wishes in a revised will and how the most reputed wills and estates lawyers Perth can help.

How Often Should One Update the Will?

When it comes to updating your will, the testators should review and update each year to account for all the changes that have taken place in the will. It will become much easier for him/her to remember all the changes in the past 12 months.

Some of the changes that normally occur in a revised will are the sale or acquisition of a specific property and the deaths or births occurring in the family. The best way the testator can update and review the will is by picking a specific date to do so.

They update and review the will during the 1st of the new financial year or during the last day of the year, which is the 31st of December.

How to Update a Revised Will Perfectly?

When it comes to updating your will in Perth WA, the process is not that difficult. There are some important steps which he/she must follow. These are:

1. Reviewing the Current Will

The wills and probate lawyers always suggest their clients review their current will as it can help them detect all the changes that they want to make. They can also consider whether or not to make significant or minor changes.

Besides that, the testators should also consider whether or not the chances will have an impact on the appointed executor, the heirs and asset distribution.

2. Create a Codicil or a New Will

When one just has to make small changes in the will, he/she can prepare the “Codicil”. This is a lawful document that amends the current will. If one has to make some major changes in the will, Wills Lawyers Perth WA suggests that one should prepare a new will.

But make sure that the Codicil or the new will comply perfectly with all the relevant regulations and laws within one’s territory or state.

3. Sign Up for The Codicil or the New Will

Date and sign up the Codicil or the new will, and one must do so in front of one or two witnesses who are over 18 years of age, and not the heirs mentioned in the will. The witnesses also need to sign the Codicil or the will in the presence of him/her.

4. Keep the Actual Document Safe

It’s important to keep the original copy of the new will or the Codicil in a secure and safe area. That way, one will not lose it and prevent others from stealing it. One of the best places he/she can put these documents is inside a locked cabinet.

5. Notify the Heirs and Executor

When one makes a new will or a Codicil, he/she must notify their beneficiaries and the executor about it. They should also provide them with a copy of the updated and reviewed document without fail.

Before updating or making any changes to the will, it’s suggested that he/she must speak with the lawyers to make sure all their wishes get reflected in an accurate manner. Taking the help of lawyers will also enable individuals to make sure that the document complies perfectly with all the relevant regulations and laws.

Moreover, it’s suggested that one should review the will when there are some changes in financial and personal circumstances.

Why Does the Testator Think of Updating the Will?

The testator updates the will when some major life event takes place, such as a milestone in a specific relationship. Here are some of the reasons to update the will:

1. Long Term De Facto Relationship or Marriage

When the testator got married or formed a long-term de facto relationship, it should be mentioned on the will since the time it was last updated. Marriage will renege the will when it is drafted in consideration of matrimony.

Dissolution of the relationship might also lead to the update or review of the will, especially after the divorce. It’s because a divorce can revoke the terms present in the will, which references the former partner.

2. Having a Child/Children

When the family has a new addition, he/she must check their will to make all the provisions for their children or grandchildren. Otherwise, they have to make sure that the existing language is inclusive to contain the new members of the family when they arrive.

3. Obtaining New Assets

Another reason why one should update their will is when they obtain new assets, which greatly contribute towards the deceased estate. The testator must provide instructions into the will on how all these newly acquired assets will get distributed among the heirs.

When the testator passes away, and the new assets are not described in the will, they will die moderately intestate. All those assets will become subject to the terms of the unrepresented succession law.

4. When Assets Have Been Disposed of or Sold

The testator must update the will to get rid of all the assets that the testator has disposed of or sold since the preceding time the will was properly reviewed.

A will that has assets that the testator does not own will not lead to partial intestacy. But in return, it will confuse the appointed executor when they start to gather all the assets of the estate.

Summing Up

It’s extremely crucial for a person to update and review their will on a regular basis. That way, they will have an up-to-date will, which consists of all the latest names, information and assets.

One should update and review the will when there is a child born in the family when he/she got married or acquired some new assets. One should also speak with the Wills Lawyer Perth on such matters as they offer their guidance and advice about it.