A Will is not a “set and forget” document. It reflects your life at the moment you signed it, and life changes. Reviewing your Will after major events keeps it aligned with your wishes and reduces the risk of disputes later.
Marriage. In NSW, marriage generally revokes an existing Will unless it was made in contemplation of that marriage. If you marry and do not update your Will, you may unintentionally die without a valid one.
Divorce or separation. Divorce generally affects gifts to, and appointments of, a former spouse. Separation without divorce is more complicated, because you may still be legally married while no longer wishing to benefit your spouse.
A new child or grandchild. New family members are often not provided for in an older Will. Guardianship arrangements for minor children should also be reviewed.
Buying property or starting a business. Significant new assets can change how your estate should be structured, and business interests in particular need careful succession planning.
The death of a beneficiary or executor. If someone named in your Will has died, the gift or appointment may fail, and substitute arrangements may be needed.
A beneficiary’s changed circumstances. If one of your beneficiaries is experiencing a relationship breakdown, is in financial difficulty, has a mental disability, or is struggling with addiction, it may be wise for the beneficiary to receive their benefit under your Will via a trust rather than receiving it directly.
As a general rule, reviewing your Will every few years, and after any of the events above, is sound practice. Updating a Will is usually far simpler and less expensive than resolving problems caused by an out-of-date Will.
This article provides general information only and is not legal advice. You should obtain advice specific to your circumstances. For advice about your situation, please contact Owen Hodge Lawyers.