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Wills

Discussion in 'Legal Issues' started by Mavis, 8th Jul, 2016.

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  1. Mavis

    Mavis Well-Known Member

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    How often do you update your will? Assuming that as an investor (or property owner), your portfolio increase/decreases/changes over time - does your will get updated each time?

    Our scenario is that since our last will, the property in the will has since been sold. Our PPOR isn't listed as yet and am thinking that in about 6-9 months, we may own an IP. Should we update our current will now and then again when we do own an IP?

    I'm curious how people manage their wills and keeping it up to date, etc.

    Thanks
    Mavis
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You should review your wills whenever something new happens - new purchase, disposal of property, death, divorce, birth etc

    Whether you need to update a will depends on the wording. If specific gifts are named then you may need to update, but if general gifts then maybe not.

    A general gift may be something like 'my main residence'

    A specific gift may be something like "124 Smith st"
     
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  3. Mavis

    Mavis Well-Known Member

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    Thanks Terry, I take it that if we did a new will now, we will need to review it if we had an IP down the track as the will would not have taken that into account.

    On the to-do list.. !
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You can take into account assets you don't yet own.

    e.g. I leave all my investment properties equally to my children in equal shares as tenants in common

    - this allows for more investment properties to be purchased, and more importantly
    - for more children should they come along.

    (just an example, don't do your will this way)
     
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