Knowing when to update your Will helps you keep your arrangements in step with changes in your life. Regularly reviewing it should be on everyone’s to-do list.
Here are the milestones that should prompt you to review your Will and make any necessary updates.
When to update your Will: key life changes
Relationship changes
Are you getting married, separated or divorced? Have you lost your spouse?
If your partner has died, review your beneficiaries. You may also find yourself with more assets, particularly if you have received your partner’s superannuation.
If you have recently separated or divorced, you may need to remove people from your list of beneficiaries.
A new marriage or committed de facto relationship is another important reason to review your Will.
Starting a family
Having or adopting a child is a good time to review and update your Will. Review it again with each subsequent child to check that your arrangements reflect your growing family.
If you have young children, document who you would like to be their guardian if anything happens to you. Think carefully about which family member or close friend would be best suited to caring for them.
Changes to your assets
Buying or selling a home or investment property can affect your estate plans. Review your Will to check whether you need to make changes.
Why not make reviewing your Will part of your to-do list when you move house?
Retirement
Retirement is an ideal time to review and update your Will.
It is also a good opportunity to consider an Enduring Power of Attorney or Advance Health Directive. These documents help you plan for future decisions about your finances, personal matters and health care.
Putting these arrangements in place can give you greater confidence as you enter retirement.
How often should you review your Will?
Even without major life changes, reviewing your Will every three to five years is a good idea.
Regular reviews and appropriate updates help you:
- Keep your Will consistent with legal requirements.
- Make your intentions clear.
- Reduce the risk of avoidable estate disputes.
How to update your Will correctly
Queensland’s Succession Act 1981 sets out formal requirements for making and updating a Will.
When preparing your updated Will:
- Put your Will in writing.
- Sign or acknowledge your signature before two independent adult ( aged 18) witnesses who are present at the same time.
- Have both witnesses sign in your presence.
- Make your decisions freely, without coercion or undue influence.
- Understand what making a Will means, the nature of your assets and who may have a claim on your estate.
Clear and unambiguous language also helps others understand your intentions.
Incorrect changes can lead to legal disputes and leave your wishes open to challenge in court.
How GLG Legal Springfield can help
Professional legal advice can help you put your wishes into effect. It can also make navigating this difficult time easier for your family.
If you are unsure when to update your Will, our Wills and Estates team can help. We can review your arrangements and prepare a valid, comprehensive Will that reflects your current circumstances.
To make an appointment with one of our solicitors, call (07) 3288 3511 or email info@springfieldlegals.com.au.
