Life is full of changes, and your Will should reflect your current and potentially future circumstances and wishes. Here’s a comprehensive guide on when and why updating your Will is necessary.

When to Update Your Will

Change in “Living Status”

Defacto: when you move in with someone romantically, either part-time or full-time, there could be conflicts within your current Will.

Marriage: When you get married, you must update your Will to include your spouse. This ensures they are provided for according to your wishes.

Divorce: Before or after a divorce, you may want to remove your ex-spouse as a beneficiary or executor and update your Will to reflect your new wishes.

Remarriage: If you remarry, it’s crucial to update your Will to include your new spouse and address any blended family considerations.

Birth or Adoption of Children

The arrival of a new child, whether through birth or adoption, is a critical reason to update your Will. You’ll want to name guardians for minor children and ensure they are adequately provided for in your estate plan.

Death of an Executor, Guardian or Beneficiary

Suppose someone named in your Will as an executor, guardian or beneficiary passes away. In that case, you’ll most likely update your Will to appoint new individuals for these roles.

Significant Changes in Assets or Liabilities

Acquiring significant assets, such as property, investments, or a business, requires updating your Will to include these new assets. Similarly, if you incur substantial debts, you may need to adjust your Will to address how these liabilities should be managed.

Change in Relationships

Changes in your relationships, such as estrangement or reconciliation with family members or friends, may necessitate updates to your Will to reflect your current wishes.

Relocation to a Different State or Country

Moving to a new state or country can affect the validity and interpretation of your Will due to different legal requirements. Ensure your Will complies with the laws of your new location.

Major Life Events

Other major life events, such as retirement, receiving an inheritance, or experiencing significant changes in your health, may also prompt you to update your Will.

Conclusion

Updating your Will is a crucial aspect of estate planning that ensures your wishes are accurately reflected and legally binding. Life changes such as marriage, divorce, the birth or adoption of children, changes in assets or liabilities, and relocations necessitate regular reviews and updates to your Will. By keeping your Will current, you protect your beneficiaries, minimise disputes, and ensure that your estate is managed according to your wishes. Regular consultation and communication with your estate planning facilitator dramatically assists you with navigating the process effectively.

ADITI Wills & Estate Planning provides Will Review and Updating services for those adults residing in Australia or adults with assets or superannuation accounts in Australia.