A will should be regularly reviewed and updated to ensure it reflects your current circumstances. Outdated wills can create confusion, result in unintended outcomes, and in some cases, lead to conflict between family members. It is recommended to update your will in the following circumstances:
Marriage – A will is automatically revoked upon marriage, unless the will was made in contemplation of marriage. After your marriage, it is important to prepare a new will to ensure your estate is still distributed in accordance with your wishes.
De facto relationships – De facto relationships may give rise to an expectation that you look after your partner in your will, depending on how long you have been together and the circumstances of your relationship. If you have been married before or have a blended family, you should make sure your wishes are clearly reflected in your will.
Separation – Separation alone does not invalidate your will; however, a divorce will revoke any gift to your former spouse or appointment as an executor, trustee or guardian. If you pass away while separated but not divorced, your former spouse may still inherit from your estate or be entitled to superannuation.
Starting a family – You may wish to update your estate plan to ensure your children are provided for and to appoint a guardian in the event you and your partner pass away. This can help make your intentions clear in the event of a dispute between families; however, the appointment of a guardian is not binding.
Disposal and acquisition of assets – If you make a specific gift of property in your will but sell the asset before you pass away, you should update your will to ensure this is reflected in your estate plan. You cannot gift assets that you do not own and an outdated will may cause confusion and conflict between your loved ones. It is also important to update your will if your financial circumstances change significantly.
If you’re unsure whether it’s time for an update, speaking with an estate planning lawyer can help clarify your next steps. If you would like to update a Will or prepare a Will, contact Robinson + McGuinness to arrange an appointment on (02) 6225 7040, by email on info@rmfamilylaw.com.au or get started now online with one of our experienced lawyers. We offer fixed fees for simple* estate planning.
Before undertaking any work, we will discuss your instructions and confirm whether your Will is able to be prepared for a fixed fee.