Life events that require a Will check-in
This column was originally published in the Whakatane Beacon and is available online at the Eastern Bay App website.
After making a will, most people are extremely happy to file it away – relieved to have it done. It can be confronting to think of a time we’re not around for our loved ones.
However, it’s vital that your will is kept current with your life circumstances. In our work, we regularly see the difference that an up-to-date will can make for bereaved whānau. A will provides clarity around how you want your assets distributed, and ensures your family, friends, or causes you care about are provided for.
It simplifies the administration of your estate, helps avoid unnecessary costs, and can prevent potential legal disputes. There are several life events that may require a will review – do any apply to you?
Marriage or entering a de facto relationship
You might not be aware that entering a marriage or civil union automatically invalidates your existing will (although it is possible to make a will that remains valid post-marriage).
If you’re in a new de facto relationship, you’ll want to review your will to ensure this relationship is reflected.
Separation or divorce
If you separate or divorce, you may need to update your will. Until the divorce is finalised,your former partner may still be entitledto benefits under your will.
Starting a family
While not legally required, naming legal guardians for your children in your will is strongly recommended. But over time your nominated guardian’s circumstances may change.
Check in with the people you’ve chosento ensure they are still willing and able to take on this responsibility if necessary.
New grandchildren or having a blended family
New family members may require updates to your will. It’s important that all family members are considered to avoid challenges.
Executor or significant beneficiary passing away
An executor is the person responsible for managing the distribution of your estate (that’s your finances and property) and other administration after you pass away. They can be a family member, a trusted person or a nominated professional, such as a lawyer. If a significant beneficiary passes away it’s also important to ensure that your will reflects this change.
Major asset or debt changes
Large financial changes, such as acquiring or selling significant assets or restructuring your finances, can prompt a will review. If you’re not sure whether a financial change is significant enough to warrant adjusting your will, check in with your lawyer.
September is Wills Month – an annual reminder of the importance of having a will and keeping it current. A will is something we create for the people and causes we care most about. If you think yours may need a review, make a note to check in with your lawyer.
