By Hayley Boud
Lessons from Paul Walker
The famous actor from the “Fast & Furious” movies, Paul Walker, is a good reminder to us of how important it is to keep updating our wills regularly. Walker tragically died in a car accident at age 40 years leaving approximately $25 million. While Walker had a will, this was signed 12 years prior to his death when he was only 28 years old. A lot can happen in 12 years, especially from the age of 28 to 40.
We recommend reviewing your will every three years to check you are still happy with it.
Reasons for revising your will include:
- Changes in your financial situation;
- Assets are no longer owned by you;
- Starting a business;
- Marriage (a will drafted prior to your marriage will become invalid);
- Seperation from your spouse or de facto partner;
- Welcoming the birth of new children into your family;
- Changing your mind regarding the beneficiaries or specific gifts;
- Retirement;
- You would like to provide for charities;
- You are no longer happy for the executor named in your will to handle your estate;
- The executor named in your estate is unwell or passed away; and
- A beneficiary named in your will has passed away.
For more information please contact us on 07 838 0808 or hayley@ghlaw.co.nz