“I have done my Will and don’t need to look at it again. Right?”
Wrong.
Your estate plan can become outdated as your circumstances change. Marriage, divorce, the birth of a child, changes to your assets and changes in family relationships can all affect whether your Will still reflects your wishes.
Regularly reviewing your Will is an important part of estate planning, particularly if your personal or financial circumstances have changed.
When should you update your Will?
You should consider reviewing your Will whenever there is a significant change in your life, family or financial circumstances.
Common events that may prompt a Will review include:
- Major life events, such as marriage, divorce, the death of a beneficiary or the birth of a child;
- Significant financial changes, such as starting a business, acquiring or selling an asset;
- Changes in relationships or family dynamics, including estrangement or reconciliation; and
- Age milestones, such as a minor beneficiary turning 18.
The Queensland Government also recommends reviewing your Will every three to five years to ensure it still reflects your wishes. Queensland Government guidance on Wills and estate planning provides further information.
Life changes that may affect your Will
Some changes can have a significant effect on your estate plan. You should not assume that your existing Will will continue to operate in the way you intended after a major life event.
Marriage or entering a new relationship
Marriage can have important legal consequences for an existing Will in Queensland. The Succession Act 1981 contains specific rules about the effect of marriage on a Will, including exceptions for certain Wills made in contemplation of marriage.
If you are getting married or entering a significant new relationship, review your Will as part of your broader estate planning.
You can read the relevant provisions in the Queensland Succession Act 1981.
Divorce or separation
Divorce can also affect provisions made for a former spouse under a Will. Queensland legislation contains rules dealing with the effect of divorce or annulment on gifts and appointments involving a former spouse.
The end of a de facto relationship can also have consequences for certain provisions involving a former de facto partner.
For this reason, separation, divorce or the end of a de facto relationship should prompt a review of your Will rather than relying on an old estate plan.
Having a child
The birth or adoption of a child can change your estate planning needs.
You may need to consider who should benefit from your estate, who should act as executor and whether you need to make provisions for children who are minors.
You should also review any existing provisions for other beneficiaries to make sure they still reflect your intentions.
A beneficiary dies
If someone named in your Will dies, you should review the relevant gift and consider what should happen instead.
You may want the gift to pass to another person, to the deceased beneficiary’s children or to another beneficiary. The appropriate approach will depend on the wording of your Will and your circumstances.
Your financial circumstances change
Significant changes to your assets can also make an old Will unsuitable.
Examples include:
- buying or selling property;
- starting or closing a business;
- receiving an inheritance;
- acquiring significant investments;
- retiring or experiencing a major change in your financial position; or
- acquiring assets that were not included in your original estate plan.
These changes may affect how your assets should pass to your beneficiaries. A Will review can help ensure your estate plan continues to reflect your circumstances.
Family relationships change
Family relationships can change over time. You may become estranged from someone who is named in your Will, reconcile with a family member or develop a closer relationship with someone who was not previously included.
These changes can affect who you want to benefit from your estate.
How often should you review your Will?
It is sensible to review your Will every three to five years, even if nothing significant has changed.
You should also review it sooner if you experience a major life, family or financial change.
A regular review can help identify outdated beneficiaries, executors, guardians and gifts before they create problems for your estate.
What should you check when reviewing your Will?
When you review your Will, consider whether the following still reflect your wishes:
- Beneficiaries: Are the people you want to benefit still correctly identified?
- Executor: Is your chosen executor still willing and able to administer your estate?
- Guardians: If you have children, are your nominated guardians still appropriate?
- Assets: Does the Will properly deal with your current assets?
- Gifts: Are any specific gifts still appropriate?
- Family circumstances: Have relationships or family circumstances changed?
- Business interests: Does your estate plan account for any business interests you now own?
A Will review should form part of your broader estate planning. Your Will is only one part of ensuring your assets and affairs are properly planned.
Should I make small changes to my Will myself?
To save a few dollars, it may be tempting to take a DIY approach if you want to make some “minor” changes after reviewing your Will.
However, changing a Will is not simply a matter of crossing out a name or adding a new instruction. The change must be legally valid and should fit with the rest of your estate plan.
Queensland legislation sets out requirements for altering a Will. An alteration made after a Will has been executed is not effective unless it satisfies the relevant legal requirements or a court authorises the alteration in accordance with the legislation.
For this reason, it is generally better to obtain professional advice before making changes rather than trying to modify the document yourself.
Why should you get professional advice when updating your Will?
The whole estate plan should be carefully considered when you make changes to your Will.
A change that appears minor may have wider consequences for your beneficiaries, executor or other parts of your estate plan.
Failing to get professional advice may do more harm than good and result in greater costs ultimately being incurred.
Professional advice can help you consider whether your Will still reflects your current circumstances and whether any changes need to be made formally.
What happens if you do not update your Will?
An outdated Will may no longer reflect your wishes.
For example, it may name an executor you no longer trust, leave an asset to someone who has died, fail to account for a new child or reflect financial circumstances that have changed significantly.
In some circumstances, changes in relationships can also affect the legal operation of provisions in a Will.
The Queensland Public Trustee recommends considering changes such as marriage, divorce, entering or leaving a de facto relationship, having a child, buying property and starting or closing a business when deciding whether to update a Will.
Will review checklist
Ask yourself these questions when reviewing your Will:
- Have I married, separated or divorced since I made my Will?
- Have I entered or ended a de facto relationship?
- Have I had or adopted a child?
- Has a beneficiary or executor died?
- Have my family relationships changed?
- Have I bought or sold significant assets?
- Have I started, sold or changed a business?
- Have my financial circumstances changed significantly?
- Are my executor and any nominated guardians still appropriate?
- Does my Will still reflect where I want my assets to go?
If you answered “yes” to any of these questions, it may be time to review your Will.
Frequently asked questions about updating a Will
How often should I update my Will?
You should review your Will every three to five years and sooner if your circumstances change. Major events such as marriage, divorce, having a child, acquiring significant assets or changes in family relationships can all prompt a review.
Do I need to update my Will after getting married?
You should review your Will after getting married. Queensland law contains specific rules about the effect of marriage on a Will, including circumstances where a Will made in contemplation of marriage may not be revoked.
Should I update my Will after divorce?
Yes. Divorce can affect provisions made for a former spouse under a Will. The end of a de facto relationship can also affect certain provisions involving a former de facto partner. Legal advice can help you understand how the change affects your particular Will.
Should I update my Will after having a child?
Having a child is an important reason to review your Will. You may need to reconsider your beneficiaries, executor and any arrangements concerning the care and inheritance of minor children.
Can I make small changes to my Will myself?
You should obtain legal advice before making changes yourself. An alteration to an executed Will must satisfy Queensland’s legal requirements to be effective. A seemingly minor change can also have consequences for the wider estate plan.
What happens if my Will is out of date?
An outdated Will may no longer reflect your family circumstances, assets or wishes. It may also contain provisions involving people who have died or relationships that have changed. Reviewing your Will can help identify whether you need to make a new Will or formally alter your existing estate plan.
Protect your wishes with a regular Will review
You’ve worked hard to acquire your assets. Make sure they go where you want them to after you’re gone.
Reviewing your Will regularly can help ensure your estate plan continues to reflect your family, relationships, assets and wishes.
If your circumstances have changed, or you have not reviewed your Will for several years, consider obtaining professional advice about your estate plan.
Contact us to discuss reviewing or updating your Will.