A Will is worth the effort and cost
An article titled “A Will is worth the effort and cost” was written by Noel Whittaker, the author of Making Money Made Simple, and was published in The Sunday Age newspaper on 1 October 2017. You may read the article here.
Prior to making a Will, you should consult your financial adviser, accountant and solicitor in regards to the consequences of bequeathing certain assets to certain people. This is because a gift of a lump sum of money may affect a beneficiary’s pension payments.
Also, don’t forget that marriage automatically invalidates a Will unless the Will was made in contemplation of the marriage (the Will needs to specifically state that). Therefore if you had made a Will prior to getting married, you should make a new Will as that Will is now invalid.
If you made a Will prior to obtaining a divorce, any bequeathment that you have made to your former spouse is now revoked unless it appears (from the reading of the Will) that you did not want the bequeathment to be revoked upon the ending of the marriage. Divorce also revokes the appointment made by the Will of the ex-spouse as an executor, trustee, advisory trustee or guardian other than the appointment of the spouse as a trustee of property left by the Will upon trust for beneficiaries that include children of the spouse (section 14(c) of the Wills Act 1997) unless it appears (from the reading of the Will) that you did not want the appointment to be revoked upon the ending of the marriage.
It may be time to make a new Will.
Contact us at (03) 9555 7233 or email us at firstname.lastname@example.org to speak with our lawyers to make a new Will.
This article provides information that is general in nature and is not a substitute for legal advice.