Baby BoomerIn Money Extra, elder law specialist Alice Mantel talks about the importance of having a will and how the decisions you make may avoid great expense and family squabbles.
She recommends reviewing your will at least every five years. But, you should also consider reviewing your will when circumstances change such as when for example your executor moves to another country, when new grandchildren arrive or, you wish to donate to a different charity. Another critical time for review would be if you separate from your spouse.
Put your key documents like car registration, insurance, computer passwords and your will in a secure place, but somewhere that can be found by your family if the worst happens and you are unable to manage your affairs unexpectedly, or you pass away.
Having a current will brings peace of mind and will assist your grieving loved ones after your death. Note, people on the full time pension in NSW can have a will drawn up for free through Service NSW.
Useful links –
Law Society: the importance of a will
Salvation Army: Community Wills Days
Service NSW: Getting started making a will
Inherited property and capital gains tax