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Revoking your will Australia

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     Revoking your will Australia

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      You will find the documents relevant to this article at the end of this information.
 

Introduction

This article is one of a set about wills. It explains how to revoke your will.

 

You can revoke your will by:

 

-                      making a new will, but beware: a will is revoked by a later will only to the extent that new provisions are inconsistent with it. So it is wise always to state that your new will revokes all earlier ones. In practice, if your executors believe they have your latest will, they are unlikely to hunt around for an earlier one which may complicate your estate.

-                      marrying;

-                      destroying your old will - preferably in circumstances that make it very clear that you intend to revoke it and are not destroying it accidentally.

 

If you revoke simply by making a new will and including the usual words of revocation, make sure that you exclude any foreign will in your revocation. If you do not, the arrangements you thought you had made for your villa in Spain may not be effective after all.

 

N.B. you must not alter your existing Last Will in any way. You must not cross portions out or add other words or blocks of text to it. You should not attach extra pages with pins, staples or clips. It is far better to prepare a new Last Will altogether and then destroy the old one. 

Here are just some of the events that would ordinarily require a change to your last Will - there are other reasons.

-                      if you marry or divorce;

-                      the birth or adoption of children;

-                      to add or change guardians for children;

-                      a significant change in financial status;

-                      a significant change in tax laws;

-                      a desire to add beneficiaries;

-                      a desire to change beneficiaries;

-                      the death or incapacity of a named executor or trustee;

-                      to change personal details like address changes for you or someone mentioned in the will

Signing and dating your Will is known as executing your Will.

 

Now you know what the facts are, you might like to buy a document to help you get started.

 AU-WIL001:Will - Single person, all to one  (One simple will - all to one person. If that gift fails, then to another person or charity.)
 AU-WIL002:Will - Single person, all to one, gift over  (Simple will - all to one person, probably spouse or life partner. If dies first, then to others.)
 AU-WIL003:Will - Widow or widower among children  (Suitable for: widow, widower or divorced person who has children but no “life partner”.)
 AU-WIL005:House to spouse for life, residue to children  (Suitable for: anyone; person whose spouse needs house but may have few other assets to maintain himself / herself. Person with children.)
 AU-WIL006:Will - Married couple no children all to the other of them  (Suitable for: married couple, no children, any circumstances)
 AU-WIL007:Spouse for life, residue to other relatives  (Suitable for: person with or without children who may or may not have re-married, but wants spouse to have life interest only.)
 AU-WIL008:Resid to neice and nephew after legacies and bequests  (Suitable for: anyone; single person, no spouse, no children)
 AU-WIL009:Half to spouse or partner, half and gift over to children  (Suitable for: person married to, or living with someone other than parent of his / her children.)
 AU-WIL010:All to spouse for life gift over to children  (Suitable for: person with wealthy children who do not need large amount of cash on your death and for whom the “gift over” on death of tenant for life is not important.)
 AU-WIL011:All to spouse absolutely gift over to guardians and children  (Suitable for: young parents, particularly to cover unexpected accident.)
 AU-WIL012:All to spouse absolutely gift over to disc trust for children  (Suitable for: young parents to cover unexpected accident; Older parents; Anyone in a position to use the two year flexibility.)
 AU-WIL013:Will - Gift to children of IHT nrb  (Suitable for: anyone; especially middle aged or older parents. No settlement for IHT purposes, so children can permit widow/er to live in house if that is part of property given.)
 AU-WIL014:Will - Creating IHT nrb disc trust resid to spouse  (Suitable for: anyone; parents of any age, to cover unexpected accident)
 AU-WIL015:Will - IHTnrb disc trust resid to spouse for life  (Suitable for: anyone; especially middle aged or older parents. No settlement for IHT purposes, so children can permit widow/er to live in house if that is part of property given, without tax consequences.)
 AU-WIL016:Will - 60 to partner, 40 to children  (Suitable for: person living with someone other than parent of his / her children)
 AU-WIL017:IHT nrb disc trust resid to second disc trust  (Suitable for: anyone.)
 

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  • do not provide a complete or authoritative statement of the law.
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