Update Your Will Before You Lose Capacity
Let’s face it - most of us dread thinking about wills and estate planning. It feels tedious and a bit morbid, but as the holiday season approaches, now is the perfect time to tackle this important task. A recent case really drives home how important it is to have your will updated, especially before any cognitive decline sets in.
A Real-Life Example
A recent case heard in Tauranga High Court is a cautionary tale to ensure your legal affairs are up to date.
The deceased was suffering from dementia when he signed a new will in 2020 that departed from his prior will significantly and left most of his estate to his partner, instead of his three daughters. After signing, he reached out to a friend, sounding distressed and worried that he had lost everything to the Partner and that he needed help. His friend took note of this conversation and when the deceased passed away he passed on the conversation to the daughters. His daughters decided to contest the will.
The court ultimately ruled that the deceased didn’t have the mental capacity to understand what he was signing. They declared the will invalid and reinstated an older one that favoured his daughters. This whole situation not only caused emotional turmoil for his family but also highlighted the need for clear and current estate planning.
Why You Shouldn’t Wait
- Life Changes: Big events like marriage, divorce, having kids, or losing loved ones can change everything. Keeping your will up to date means it reflects your current life situation.
- Family Harmony: A well-documented will can help avoid family squabbles. Being clear about your wishes now can save everyone a lot of heartache and headaches later.
- Avoiding Pressure: If you're in a vulnerable spot, you might be more easily influenced by others. Updating your will when you’re fully capable helps ensure your decisions are genuinely yours. It also ensures that if you did make a new Will under someone else’s influence and it was invalidated like the above case your prior Will is as current as possible.
Tips for Keeping Your Will Updated
- Make It a Habit: Check your will every few years or after major life changes.
- Get Professional Help: Don’t hesitate to contact the team at Godfreys Law to discuss your current will or a new will if you have any questions.
- Talk to Your Family: Have open conversations about your wishes, especially as you gather with loved ones during the holidays. It can help prevent misunderstandings down the road.
This case is a wake-up call for all of us. Updating your will before any decline in mental capacity can safeguard your wishes and ease the burden on your loved ones. It’s a small step that can lead to peace of mind. So don’t put it off - make it a priority to complete your estate planning.
Real people. Real solutions. Real life scenarios.
