As family relations get more complicated due to various reasons, there’s a need for more complex and thorough estate planning. Mainly because your will would have to potentially consider loved ones with special requirements, new partners and probably their kids, former partners, stepchildren, and grandchildren, among others.
It’s immensely vital that getting married or divorced could impact your will’s validity so if you got divorced or married recently, you have to update your will to reflect your current circumstances, advises an experienced estate planning attorney from a top law firm in Townsville.
If you’ve just ended a de facto relationship or are currently in one, you’d also have to update your will to make certain that those you wish to inherit your estate would do so upon your death. This is especially crucial if you have children with a former or current partner or spouse. Check your life insurance and superannuation fund beneficiaries as well.
If you have a loved one with special requirements, you’re probably concerned about how he or she would be taken care of upon your passing. To make certain that your loved one would continue getting the support he or she needs, consider creating a trust within your will that would specifically set out particular instructions for your loved one’s care.
If you own a business, your will could be significantly more complex because it would have to spell out how you want your business assets handled when you die. Provisions could include instructions on what you want to happen to your shares if you have a company or whether you want to sell your business, continue its operations, and who should take your place, among others.
It’s extremely crucial to take into account potential beneficiaries when making your will to avoid the possibility of an eligible individual challenging it. A will challenge could be made by certain individuals, such as former partners, kids you might now even know about, and other individuals who depend on you.
Making certain that you have considered every potential beneficiary and included valid reasons for not including them in your will would help safeguard your estate from costly court proceedings. Most importantly, you ensure that your actual beneficiaries would get everything you left them.