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Working in Estates law, I have seen countless matters where a person has died without a Will (“intestate”), or their Will was written decades prior to their passing. As such, their Will (or lack thereof) does not accurately reflect their assets upon their death, nor their wishes for the management and distribution of their assets.
This got me thinking: ‘When was the last time my Mum and Dad updated their Wills?’. I brought this up to my parents one day and was shocked to find out that their Wills were written over two decades ago just after I was born. Having children prompted my parents to draft Wills so that they could ensure we were taken care of in the event of an accident or illness. Now that so many years had passed, my parents’ lives had changed dramatically, but their Wills did not reflect this. I knew it was time for me to have “the talk” with them (the Will talk!).
I took the time to discuss the importance of a clear, comprehensive and up-to-date Will with my parents, and it is probably one of our most important conversations to date. Shortly after we spoke, my parents made an appointment with a lawyer and had their Wills updated to reflect their current wishes and assets.
I am beyond grateful that I had the knowledge and forethought needed to persuade my parents to update their Wills. Most times, people do not draft or update their Wills because they don’t truly understand their significance. To put it simply, having an accurate attested Will is essential for three main reasons:
- It will protect your assets and wishes;
- It will provide clear instructions to loved ones upon your passing; and
- It will help relieve any potential conflict regarding your estate.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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