We often hear a sigh of relief when a client signs their Will. The assumption of course is “Ok great – that’s over and done with”. No need to think about it again.
Unfortunately, that is just not the case. A Will is not something to write and forget. It should be reviewed regularly, especially after key life events, to ensure it still reflects your wishes.
An outdated Will can lead to unintended consequences, disputes, and unnecessary stress for your loved ones.
What are the most common milestones that may call for a change to your Will?
MARRIAGE, SEPARATION, OR DIVORCE
- Marriage or civil union revokes an existing will unless it was explicitly made in contemplation of the marriage.
- Separation or divorce does not revoke a will, but your ex spouse is treated as having died before you, meaning gifts to them become void. However, simply ending a relationship is not enough. Without a formal separation or divorce order, your ex could still inherit.
BIRTH OR ADOPTION OF CHILDREN
Your Will should name the guardians for your children and ensure their financial security. If you have children from different relationships or a child with special needs, your Will may require careful planning to provide for them appropriately.
DEATH OF AN EXECUTOR, GUARDIAN OR BENEFICIARY
Your executor is responsible for managing and distributing your estate. If they pass away, or if a guardian or beneficiary dies, your Will may need updating to prevent confusion or unintended outcomes.
BUYING A PROPERTY
Many people make their first Will when purchasing a property. If you own a home, particularly with someone else, your Will should reflect your intentions. The ownership structure is also crucial, with the most common being:
- Joint ownership, where the property passes automatically to the surviving owner.
- Tenancy in common, where your share is distributed through your Will.
If you’re unsure of your ownership type or your circumstances change, reviewing your Will is essential.
BIG FINANCIAL CHANGES
A large inheritance or windfall, or a business sale could significantly impact your estate planning decisions. For example, you may wish to add, or change entitlements for, beneficiaries and charities.
OTHER LIFE EVENTS
While this isn’t exhaustive of every possible change in circumstances, other significant events that should prompt a Will review include:
- Changes in your health or new medical needs.
- Relocating overseas.
- Buying foreign property.
- Starting a business.
No Will at all?
If you die without a Will (intestate), your assets will be distributed according to the default legal rules established by the Administration Act 1969—which may not align with your wishes. Even estranged family members could inherit. A Will ensures your estate is distributed as you intend, avoiding unnecessary legal hurdles.
Time to Revisit Your Will
Hopefully this article gives you enough information to identify if you need to get a Will in place or review your current Will. Talk to us to ensure your nearest and dearest are protected, and your intentions are clear.
