How Often Should You Update Your Will?
Creating a Will is an important step, but it is not something most people should create and then forget about forever.
Life changes over time, and your Will should ideally continue to reflect your wishes, family circumstances and financial situation.
This is why many Australians choose to review their Will periodically and after major life events.
Why Is It Important To Review A Will?
A Will reflects your wishes at a particular point in time.
As life changes, those wishes may change too.
If your Will no longer reflects your circumstances, it may create confusion or unintended outcomes for your loved ones.
When Should You Consider Updating Your Will?
Many people review their Will after major life events.
Common examples include:
- Marriage
- Separation or divorce
- The birth of children
- The birth of grandchildren
- The death of a beneficiary
- The death of an executor
- Buying or selling property
- Significant financial changes
- Changes in family relationships
- Retirement
These events may affect whether your Will still reflects your wishes.
How Often Should You Review Your Will?
There is no single rule that applies to everyone.
Many professionals recommend reviewing a Will periodically, even if no major life event has occurred.
A regular review can help ensure the document remains relevant and accurate.
What Happens If You Never Update Your Will?
Over time, a Will can become outdated.
Beneficiaries may pass away, executors may no longer be suitable and family circumstances may change significantly.
An outdated Will may not accurately reflect your current wishes.
A Real-Life Example
Imagine a couple create their Wills when their children are young.
Twenty years later, the children are adults, there are grandchildren and the family’s financial situation has changed considerably.
If the Wills have never been reviewed, they may no longer reflect the family’s current circumstances.
A review can help identify whether updates are needed.
Should You Review Your Executor?
Yes.
When reviewing your Will, it can also be worthwhile considering whether your chosen executor is still the right person for the role.
Circumstances, relationships and availability can change over time.
Do Relationship Changes Matter?
Yes.
Marriage, separation and divorce can all have significant implications for estate planning.
The impact varies depending on the laws that apply in your state or territory.
This is one reason many people review their Will after major relationship changes.
Do The Rules Differ Across Australia?
Yes.
Succession laws and estate planning requirements vary between Australian states and territories.
It is important to understand the requirements that apply where you live and seek professional advice where appropriate.
Frequently Asked Questions
How often should I update my Will?
There is no single rule. Many people review their Will periodically and after major life events.
Should I review my Will if I get married?
Yes. Marriage can affect estate planning arrangements and it is often a good time to review your Will.
Should I update my Will after a divorce?
Many people choose to review their Will following separation or divorce to ensure it still reflects their wishes.
What if my executor is no longer suitable?
Reviewing your Will can help identify whether a different executor may now be more appropriate.
Can an outdated Will create problems?
Potentially. If a Will no longer reflects your circumstances, it may create confusion or unintended outcomes.
Sources and Additional Information
Related Resources
- What Is A Will?
- Can I Change My Will?
- What Makes A Will Valid?
- Who Should Be An Executor?
- Free Aged Care Tools
Disclaimer: This article provides general information only and does not constitute legal, financial or professional advice. Laws vary between Australian states and territories.