Should Barbara update will after her husband’s death?

Font Size:

Barbara’s husband recently passed away and she has made some financial changes. She asks estate planning lawyer Rod Cunich whether she needs to update her will.

Q. Barbara
My husband passed away earlier this year and I went to my solicitor to update my will. He says it is okay as it is as there were provisions in the event of my husband’s death and he told me to save my money.

Since then, my super has been converted to a managed funds account and I wish this account to be treated differently to the balance of the estate. Can you please advise the correct procedure to add a codicil to my existing will?

A. I’m not certain what you mean Barbara. If the money is no longer in super but in an account owned and controlled by you, then you now need to do a new will to address the changes you require.

If, by ‘managed funds account’ you mean the money remains in super but in a different type of super account, you may be able to direct where your death benefit goes by serving a binding death benefit nomination on the trustee directing where the money is paid and bypass your will. But not all super funds offer this option.

If you go back to your solicitor, she or he should be able to clarify this for you easily. What is certain, however, is that you must do something to activate your wishes, otherwise things won’t unfold the way you want them.

Rod Cunich is a lawyer with more than 30 years’ experience and who specialises in estate planning. If you have a question for Rod, simply email it to: [email protected]

If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.

Disclaimer: This information has been provided by Rod Cunich and should be considered general in nature – legal advice should be sought.

RELATED LINKS

How can mum provide for daughter from aged care?

Rod Cunich explains how Roger can help his aunt best provide for her daughter.

Can Joan provide for son and block a controlling father?

Joan wants to leave her son a legacy but block his controlling father.

What happens when a will can’t be found?

Dee's father has died but a will cannot be located. She asks Rod Cunich for guidance.



SPONSORED LINKS

Sign-up to the YourLifeChoices Enewsletter

continue reading

Finance News

How much you can save on electricity in your home state

As we prepare to head into the colder winter months, there is good news for those worried about heating costs...

COVID-19

What is thrombocytopenia, and why did it stop the AstraZeneca jab?

Anthony Zulli, Victoria University; Maja Husaric, Victoria University; Maximilian de Courten, Victoria University, and Vasso Apostolopoulos, Victoria University Australia's medical...

Wellbeing

Ways to manage death anxiety

Winston Churchill once said: "Any man who says he is not afraid of death is a liar." But while it's...

Food and Recipes

Rick Stein's Autumn Vegie Soup

"One of the rather pathetic realities of the fact that so many of the restaurants in France are disappointing these...

Government

Australians give big thumbs down to the public service

Only 27 per cent of Australians believe the public service acts in the public interest and only 22 per cent...

Brain health

Normal tension glaucoma linked to cognitive impairment

Australian researchers say they have established a link between the eye condition glaucoma and cognitive impairment, the state that often...

Lifestyle

Old wives' tales put to the test

Alice Shaw-Beckett, from cleaning company Cleanipedia, dissects 13 old wives' tales related to cleaning and pest control to discover whether...

Travel & Motoring

Consider this when deciding on a roadside assist deal

A reader raised an interesting point that I hadn’t considered before. When she bought her new car, it included -...

LOADING MORE ARTICLE...