From significant life events to a change in assets, you may consider changing your will for plenty of reasons. Being a legal document, it’s not as simple as just changing some words or details. There is a legal process to go through, and you must do this the right way. To ensure your wishes are respected in the event of your death, here is how you change your will.
Firstly, before you even consider the actual process of changing your will, you must identify when an adjustment might be necessary. Some typical triggers lead people to change their will, such as a change in relationship status, the birth of children or even the acquisition of larger assets. Illness is another reason that many people change their will. It’s important to note that your pre-existing will may be voided if you get married.
There are two main ways that you can change your will. Firstly, you can create a codicil, which is an additional document used for minor changes to your will. Minor changes could include adding new beneficiaries or changing who a specific item should go to. For larger changes, consider drafting a whole new will. Neither option needs to be a lengthy process, but it’s worth contacting your solicitor if you’d like to change your will.
There are ways to make and edit your own will, but if you don’t have any legal knowledge or experience in this area, it can be a risky process. An experienced legal practitioner can help you understand the complexities of estate law and ensure that your intentions are clearly stated. Most importantly, your lawyer ensures that your wishes are legally binding.
Some states in Australia have specific legislation that can affect the validity of a will, which is another reason you should always seek legal advice. After all, your will is a legal document, and you wouldn’t create any other legal document without expert support. For more advice, please contact Scammell & Co. today.
*This information is current at the time of publication. For accurate legal advice, please contact Scammell & Co on 08 8440 270.
