People who make a will have the foresight to deal with important issues before they become problems. Wills and estate planning law is there to protect not only the person making a will, but also their loved ones. As important as it is to make a will, its equally important to regularly review and update your will.
When do you need to update your will?
There are particular triggers that you should keep in mind. When they occur, it might be time to review and update your will or speak with a wills and estate planning lawyer.
In general, it is a good idea to review and update your will every year, and when a major life change occurs.
- you have a child,
- an executor or beneficiary of your will passes away, or
- you enter into a de facto relationship,
then you should speak to a lawyer about reviewing and updating your will.
Update your will after marriage
If you get married and you have an existing will, you need to review and update your will. It is recommended that you review your will if you intend to marry or if you have recently been married, even if you didn’t have a will before.
If you intend to get married, you can create a will in contemplation of your marriage. This prevents it from being revoked when you get married.
If you have a will and have recently divorced or left a partner, then you should review and update your will. If you want to keep your ex-spouse as a beneficiary, executor, trustee or guardian, you should update your will to reflect the changed circumstances.
Buying or selling a significant asset
If you buy or sell a house, this will need to be updated in your will. Seek legal advice from a wills and estate planning lawyer if you buy or sell any significant asset that you would cover in your will.
Superannuation is not automatically dealt with under the terms of your will, as it is separate to your estate. If you are changing any details of your superannuation, including changing funds or starting a self-managed fund, you should speak to a wills and estate planning lawyer about reviewing and updating your will.