This is the ninth in our series of articles on the uncertainties of death.
The Uncertainties of Death Series
- The Uncertainties of Death Part 1: What Happens Without a Will?
- The Uncertainties of Death Part 2: Can You Have More Than One Spouse?
- The Uncertainties of Death Part 3: Does Your Will Control Your Superannuation?
- The Uncertainties of Death Part 4: Can a Token Gift Prevent a Will Challenge?
- The Uncertainties of Death Part 5: Can a Court Make a Will After Loss of Capacity?
- The Uncertainties of Death Part 6: Can My New Partner’s Children Challenge My Will?
- The Uncertainties of Death Part 8: Can a Will Appoint a Guardian for a Child?
- The Uncertainties of Death Part 9: How Often Should I Update My Will?
Myth: “I have done my Will and don’t need to look at it again …. Right?”
Wrong!
It is important that you regularly review and update your Will.
Your estate planning can be affected by a number of life changes.
They can typically include:
- A change to your marital circumstances. Marrying or entering a registered relationship can revoke your existing Will. The Rules of Intestacy will then divide your estate. More details on the Rules of Intestacy appear in the first of our articles in this series and can be viewed on our website. You can also review the current Queensland Succession Act 1981;
- The birth of a child or grandchildren;
- A child attaining the age of 18 years;
- Your executor no longer being appropriate to administer your estate;
- You no longer own assets which you have specifically gifted in your Will;
- One of your current beneficiaries dying;
- Changes to your asset structure such as the establishment of private companies, trusts or a self-managed super fund;
- Your superannuation nomination lapsing.
By keeping your estate plan up to date, you will ensure the persons you intend to benefit do so.
When should I update my Will?
You should review your Will when your personal, family or financial circumstances change.
The life changes listed above can affect your estate planning and may mean that your existing Will no longer reflects your current wishes.
Regularly reviewing your Will can help ensure that your estate plan continues to reflect the people you intend to benefit and the assets you own.
Why is it important to review your Will?
Your circumstances can change significantly over time. A Will that was appropriate when you first made it may no longer reflect your family circumstances, beneficiaries, Executors or assets.
Reviewing your Will can help identify changes that may need to be addressed as part of your broader estate plan.
What changes should trigger a Will review?
Some of the most important changes that may mean you should review your Will include:
- Marriage or entering a registered relationship;
- The birth of a child or grandchild;
- A child turning 18;
- The death or unsuitability of your Executor;
- Selling or transferring an asset specifically gifted in your Will;
- The death of a beneficiary;
- Establishing a company, trust or self-managed super fund; and
- A change or lapse in your superannuation nomination.
These changes do not necessarily mean that your Will is invalid or ineffective. However, they can be a reason to review whether your existing estate plan still reflects your intentions.
Review your Will when your circumstances change
There is no need to wait until a major event occurs before thinking about your estate plan.
Reviewing your Will regularly can help you identify whether your current arrangements continue to reflect your wishes.
If your family circumstances, relationships, assets or superannuation arrangements have changed, it may be time to review your Will and broader estate planning.