A Will is one of the most important legal documents you can have as it sets out how your assets will be dealt with after your death and who will be responsible for carrying out your wishes.
However, a Will is not something you should prepare once and forget. Life changes, and so should your Will.
Below are some of the key times when Australians should consider reviewing and updating their Will.
- Major Life Events
Certain life events have a direct impact on your Will:-Marriage or divorce: In Western Australia, marriage or divorce automatically revokes (cancels) your existing Will, unless it was made in contemplation of marriage or in contemplation of divorce.-Separation: Separation, unlike divorce, does not automatically revoke your Will. If you no longer want your spouse to benefit in your Will, then you must update it.-Birth or adoption of children: You may need to include provisions for guardianship and inheritance for your new children.
-Death of a beneficiary or executor: If someone named in your Will passes away, you will need to update it to appoint replacements.
-An overseas Will: if you prepare a Will overseas, then this overseas Will may automatically revoke any previous Wills you have made in any country. If you own assets in Australia and overseas, then this should be discussed with a Wills and Estates lawyer so that a plan can be created in consultation with you and potentially a lawyer overseas.
- Changes in Your Assets or Finances
Your Will should reflect your current financial position:-Acquiring significant assets such as property, investments, a business or a company.
-Selling or giving away assets that were specifically mentioned in your Will.
-Receiving an inheritance or a large financial windfall.If your assets and liabilities look very different to when you first made your Will, it is time for a review. - Family Circumstances
Family relationships can change, and so too should your estate planning:
-Blended families: If you re-partner and have stepchildren, you may wish to provide for them. In any event, we strongly recommend you have a discussion with a Wills and Estates lawyer about the change in family circumstances and how this may impact your estate planning documents.
-Estrangement: If you no longer want a family member to benefit, your Will needs to reflect that. However, you should obtain legal advice from a Wills and Estates lawyer regarding the potential risks and consequences of this change to your Will.
-Dependants: If someone new relies on you financially (e.g. elderly parents, grandchildren), your Will may need to be updated to provide for them. - Legal or Tax Considerations
Laws around superannuation, taxation, and succession planning can change. A review of your Will with a lawyer can ensure it still works as intended and minimises the risk of disputes or unexpected tax outcomes. - Regular Reviews
Even if nothing significant has happened, it is good practice to review your Will every three to five years. This ensures it remains relevant and up to date with your wishes.
The Bottom Line
Your Will should grow and change as your life does. Failing to update it can lead to unintended consequences, disputes among family members, or your assets being distributed in a way you no longer want.
If you have experienced any of the events above or if it’s been a few years since you last looked at your Will, it is wise to seek legal advice from one of our Wills and Estates lawyers. A properly updated Will is one of the best ways to protect your loved ones and ensure your wishes are carried out.
Contact our team today to arrange a consultation and secure the peace of mind that comes with professional guidance.
About the Author: Hannah is a graduate of both the University of Western Australia and Notre Dame University, completed a Bachelor of Arts (major in ‘Law and Society’’ and minors in History and Psychology) in 2016 and a Bachelor of Laws in 2018. She completed a Graduate Diploma of Legal Practice with the College of Law in 2019 and she was awarded the 2019 PLT Property Practice Award. In December 2019, Hannah was admitted to practice in the Supreme Court of Western Australia.
