When was the last time you reviewed your Will?

Many people sign a Will and assume it’s something they’ll never need to think about again.

In reality, a Will which was appropriate five or ten years ago may no longer reflect your wishes or your current family and financial circumstances.

An outdated Will can be a problem

Life rarely stands still.

Since making your Will, you may have:

Married, separated, divorced or entered into a new relationship.
Had children or grandchildren;
Lost a loved one;
Decided that different people should act as your Executors; or
Sold assets which are specifically mentioned within your Will.

If your Will hasn’t kept pace with these changes, your Estate may not be distributed in the way you intend.

Updating your Will matters

Reviewing your Will every few years or whenever there has been a significant change in your personal or financial circumstances gives you the opportunity to ensure your wishes are clearly recorded and that the right people are appointed to carry out your wishes.

It can also help protect those you care about the most and provide greater certainty for your family when they need it.

There’s more to it than you think

Many people are surprised to learn that several New Zealand statutes can affect what happens to their Estate, regardless of what their Will says.

Some of these statutes include:

Wills Act 2007 – sets out the legal requirements for a valid Will.
Family Protection Act 1955 – allows certain family members to claim further provision from an estate if they have not been adequately provided for.
Property (Relationships) Act 1976 – provides important rights for surviving spouses, civil union partners and qualifying de facto partners.
Law Reform (Testamentary Promises) Act 1949 – may allow claims by people who were promised something in return for services provided during the deceased’s lifetime but were not adequately provided for in the Will

Reviewing your Will

We always suggest people review their Wills every 3–5 years, after any major life event, or whenever your financial or family circumstances change.

Keeping your Will up to date is one of the simplest ways to protect your loved ones, minimise the risk of disputes, and ensure your Estate is administered according to your wishes.

If it has been several years since you last reviewed your Will or your circumstances have changed, reach out to one of our experts.

A simple conversation today can make a significant difference tomorrow.

Visit our website – Wills done well – Review or Start your Will