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Why Regular Will Updates Matter

by | Wed, Mar 20 2024

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Having a written legal will is important, yet more than half of Australian adults don’t have one. To provide you with an easier and more affordable way to write or update your will, Vision has partnered with Safewill, a leading online will writing platform.

Have you ever considered what happens to your possessions when you die? Christians often focus on the eternal soul, but having a will is crucial. It provides for loved ones and organisations, preventing court-determined asset distribution without a written will.

Alex Cook from Wealth With Purpose believes that a will needs to encompass three key principles: ensuring that your estate goes to the right hands, at the right time and with the right amount of funds.

Alex is a successful financial planner whose ministry equips Christians to honour God with their finances by teaching sound financial skills. He recently joined us on 20Twenty to share his thoughts on the importance of updating your will.

Consider Your Circumstances

As our circumstances change, we need to adjust the principles for drafting a will to align with our lifestyle. ‘It will depend on your age and stage of life,’ says Alex. ‘Young children obviously need to be taken care of. But there are different considerations when the kids have grown up.’

Often one of the biggest challenges for parents is how to divide up their estate. Alex believes that while most people aim to treat their children fairly, it doesn’t always translate to equal shares.

‘Maybe the kids actually don’t need all the estate, which is a topic in itself. We can grapple with these issues as we go, but certainly updating your will regularly is the simple answer as your circumstances change.’

The Right Time to Create a Will 

Another question many people wrestle with is knowing the appropriate time to create a will. Is there a specific stage of life when it becomes more relevant? According to Alex, circumstances may be a better indicator than age when making this decision.

‘Certainly, you need to do it when you get married,’ says Alex. ‘But if you have had your first job, accumulated some assets and started growing your super fund, then you should be thinking about it.’

‘It’s really important to have a will and be able to plan and explain to your beneficiaries what’s going to happen, and why you’ve made the decisions that you’ve made.’

Safewill Free Wills Week is running from the 18th – 24th March 2024! For more information on creating your free will, click here, and listen to Alex’s full interview on 20Twenty below: