Updating Your Will: Key Moments to Revise Your Estate Plan
Your will is one of the most important documents you'll ever create, yet many people underestimate how often it should be updated. Life is constantly changing, and these changes often have a direct impact on your estate planning needs. Failing to update your will could leave your loved ones unprotected or create unnecessary complications.
In this article, we’ll explore the key moments in life when updating your will is essential, the importance of staying compliant with Wills & Estate Planning Law in Australia, and how to ensure your estate plan reflects your current circumstances.
Why Is It Important to Update Your Will?
A will serves as a roadmap for distributing your assets after your death. However, outdated provisions may no longer align with your wishes, and certain events could render parts of your will invalid under Australian law. Regularly revisiting your will ensures that your intentions are accurately reflected, your beneficiaries are protected, and any potential legal challenges are minimised.
Key Reasons to Update Your Will:
Maintain legal compliance: Wills must adhere to current laws to remain valid.
Reflect your evolving life circumstances: Major life events often necessitate changes.
Avoid unintended outcomes: Prevent disputes and ensure your estate is distributed fairly.
Protect your loved ones: Ensure provisions are made for all dependents, including new additions to your family.
When Should You Update Your Will?
While it’s advisable to review your will every three to five years, certain life events may trigger an immediate need for updates. Let’s take a closer look at some of these key moments.
Marriage or Divorce:Marriage automatically revokes any existing will in most Australian states, unless it explicitly states otherwise. After getting married, you’ll need to create a new will to include your spouse and any joint assets.Similarly, divorce can have a significant impact on your will. Although divorce may nullify provisions relating to your former spouse, the remaining terms could still stand, leading to unintended consequences. Updating your will ensures that it accurately reflects your current marital status and intentions.
Birth or Adoption of Children:Welcoming a new child into your family is a joyous occasion, but it also comes with important responsibilities. Updating your will allows you to:
Nominate a legal guardian for minor children.
Allocate inheritance to ensure your children’s future is secure.
Protect any assets you wish to pass on specifically to them.
Changes in Financial Circumstances:A sudden windfall, such as receiving an inheritance, or a financial setback, such as a loss of income, might require adjustments to your estate plan. Significant changes in your financial situation could alter how you wish to distribute your assets or prioritise your beneficiaries.
Acquisition or Sale of Major Assets:If you’ve recently purchased a property, invested in a business, or acquired valuable assets like jewellery or artwork, your will should reflect these changes. Similarly, selling a major asset that was included in your original will requires an update to avoid confusion for your beneficiaries.
Death of a Beneficiary or Executor:If someone named in your will—such as a beneficiary, executor, or trustee—passes away, their role must be reassigned. Failing to update your will could complicate estate administration and delay the distribution process.
Relocation to Another State or Country:Different states and countries have varying laws regarding wills and estate planning. If you’ve moved to a new jurisdiction, it’s crucial to review your will with a local legal expert to ensure compliance with local regulations.
Australian Laws and Guidelines for Updating a Will
Written Format: Wills must be written, signed, and witnessed by at least two independent witnesses.
Testamentary Capacity: The testator must be of sound mind when making or updating their will.
Proper Revocation: Updating a will involves revoking the previous one. This can be done by physically destroying the old will or including a revocation clause in the new document.
It’s advisable to seek professional legal advice when making updates to ensure that all changes are legally enforceable.
Common Mistakes to Avoid When Updating Your Will
Updating your will is a straightforward process, but several common pitfalls can create unintended consequences. Here are some to avoid:
Neglecting to Formally Revoke the Old WillSimply drafting a new will without formally revoking the previous one can lead to confusion and disputes. Ensure your new will includes a clear revocation clause.
Overlooking Small Assets or Personal BelongingsWhile major assets like property or investments often take precedence, smaller items with sentimental or financial value shouldn’t be overlooked. Specify who should inherit these items to avoid potential disagreements.
Failing to Inform ExecutorsYour executor plays a crucial role in ensuring that your estate is distributed according to your wishes. Make sure they are aware of their responsibilities and provide them with an updated copy of your will.
Not Updating Your Will RegularlyEven if no major life events have occurred, periodic reviews of your will ensure it aligns with current laws and your evolving wishes.
Steps to Update Your Will
Updating your will in Australia is a simple process when done correctly. Follow these steps to ensure your estate plan remains valid and effective:
Review Your Current Will: Identify sections that need updates, such as beneficiaries, executors, or asset allocations.
Consult a Legal Professional: A lawyer specialising in Wills & Estate Planning Law can help you draft changes that comply with legal requirements.
Revoke the Old Will: Include a revocation clause or destroy the previous document to prevent confusion.
Draft the Updated Will: Clearly outline your new wishes, including specific provisions for any new assets or beneficiaries.
Sign and Witness the New Will: Ensure the updated will is properly signed and witnessed to meet legal standards.
Store the Updated Will Securely: Keep your will in a safe place and inform your executor of its location.
How Often Should You Review Your Will?
It’s recommended to review your will:
Every 3–5 years, even if no major life events have occurred.
After significant changes to your personal, financial, or family circumstances.
When there are updates to Wills & Estate Planning Law in Australia.
Getting Professional Assistance
Updating your will is a crucial step in ensuring your wishes are honoured and your loved ones are protected. While DIY solutions are available, the complexities of estate planning often require professional guidance to avoid errors and ensure legal compliance.
Benefits of Working with a Legal Expert:
Access to up-to-date knowledge of Australian wills and estate planning laws.
Personalised advice tailored to your unique circumstances.
Assistance in drafting legally enforceable provisions.
Resources for Wills and Estate Planning in Australia
If you’re looking for reliable information or support in updating your will, the following resources are invaluable:
Law Council of Australia: Offers guidance on Wills & Estate Planning Law and connects you with legal professionals.
State Trustees: A comprehensive resource for estate planning tips and services.
Your will is more than just a legal document—it’s a way to protect your family and leave a lasting legacy. Don’t wait for the unexpected.
Contact New South Lawyers today for expert advice on updating your will and navigating the complexities of estate planning in Australia. Our experienced team will help you ensure your wishes are honoured and your loved ones are cared for.
