A will isn’t something you should simply sign and forget; life changes, and when it does, your estate plan may change with it.
Reviewing your will is an important step to ensure your wishes will be carried out exactly as you intend after your passing. There are several key life events that should prompt you to review your will, including:
- Marriage, divorce, or entering a new relationship – Marriage can revoke an existing will, while divorce may revoke certain provisions within it.
- The birth of children or grandchildren – expanding your family may mean that your estate plan needs updating.
- The passing of an executor or beneficiary – If someone named in your will has passed away, you may need to make changes to ensure your estate plan is still carried out according to your wishes.
- Changes in relationships – If you have a falling out or significant change in your relationship with a beneficiary, review your will to ensure it reflects your current wishes and minimises the risk of potential claims.
- Disposal of assets gifted in your will – If you’ve sold or given away something you have bequeathed to a beneficiary, your will may need adjusting.
- Major changes in your assets – While buying or selling assets doesn’t always require a will update, it’s important to review your will to ensure your property is still being distributed according to your wishes.
- Name changes – If yourself or anyone listed in your will changes their name, updates may be required for clarity.
Even if none of the above life events occur, it’s generally recommended that you still review your will every three to five years to ensure it is in line with your estate planning wishes.
If, after reviewing your will, you find it needs updating, contact McNamara Law on 1300 285 888 or email estates@mcna.com.au to arrange an appointment with one of our experienced estate solicitors.
