When should I update my Will?
You’ve made your Will. Tick that box.
But your estate plan doesn’t stay frozen in time.
Your family changes. Your assets change. Relationships change. Your wishes can change too.
That means your Will needs an occasional check-in to make sure it still reflects the plan you want for your family.
So, when should you update your Will? There are two separate things to think about:
reviewing your Will, and
updating your Will.
They aren’t the same thing.
How often should I review my Will?
We recommend reviewing your Will at least once a year.
A review doesn’t necessarily mean you need to change anything. It means taking a few minutes to read through your Will and check that you’re still comfortable with what it says.
Pick a date that you’ll remember. Put it in your calendar, set a yearly reminder, and make it part of your regular life admin.
When you review your Will, ask yourself:
Do I still want the same people to inherit from me?
Am I still happy with my executor?
Am I still happy with any trustees I have appointed?
If I have children, am I still happy with my testamentary guardian arrangements?
Are the gifts in my Will still what I want?
Have my family circumstances changed?
Have the circumstances of anyone mentioned in my Will changed?
Has anything changed about my assets or how they are owned?
Do I still know where my original Will is stored?
Does the Will still reflect what I want for my family?
If the answer to any of these questions is no, or you’re not sure, it may be time to get legal advice.
When should I update my Will?
You should consider updating your Will when your wishes or circumstances change in a way that could affect your estate plan.
Some changes are obvious. Others can be easy to overlook.
You get married or enter a new relationship
Marriage, separation, divorce, and entering a new de facto relationship can all have significant implications for your estate plan.
If your relationship status has changed, your Will should be reviewed.
This is especially important if you have children from a previous relationship or you’re part of a blended family.
You separate or divorce
A separation can be a major reason to review your Will.
You may no longer want your former partner involved in your estate plan, and you may need to reconsider who you have appointed as your executor, trustee, attorney, or testamentary guardian.
The legal effect of separation and divorce on a Will can also depend on your circumstances, so don’t assume your existing Will will automatically deal with the change in the way you expect.
You have a baby or another child joins your family
Having a child can completely change your estate planning priorities.
You may need to consider:
who would care for your child if you die
who you want to make decisions for your child
how your child’s inheritance should be managed
whether a testamentary trust would be appropriate
what happens if both parents die
how your estate plan should work if your family grows again in the future.
If you’re a parent of young children, your Will is doing much more than deciding who gets your belongings.
Someone important to your estate plan dies
If your executor, trustee, beneficiary, testamentary guardian, spouse, child, or another important person in your estate plan dies, your Will should be reviewed.
You may need to appoint someone else, change a gift, or reconsider the overall structure of your estate plan.
Your assets or how you own them changes
Buying or selling a property can be a reason to review your Will.
So can:
buying an investment property
starting or selling a business
receiving an inheritance
acquiring significant investments
changing how property is owned
establishing or becoming involved with a trust
changes to your superannuation or life insurance
significant changes to your debts or liabilities.
Your Will doesn’t necessarily control every asset you own.
That’s why a change to your assets can be a reason to review your whole estate plan, rather than simply changing a clause in your Will.
Your family circumstances change
Your estate plan should reflect the family you have now, not the family you had when your Will was signed.
For example, you might need to review your Will if:
a family member has died
someone has had a baby
a family member has separated or divorced
someone has entered a new relationship
a beneficiary has developed different financial or support needs
a family member has moved overseas
your relationships with people in your estate plan have changed.
These changes can be particularly important in blended families and other complex family arrangements.
Your wishes change
Sometimes nothing external has changed. You’ve simply changed your mind.
That’s enough.
Perhaps you want to leave something to a different person. Maybe your priorities have changed. Maybe you’ve thought more about what you want to happen to your family after you die.
Your Will should reflect your wishes.
If your wishes have changed, speak with your estate planning lawyer about whether your existing Will can be amended or whether a new Will is appropriate.
What about your executor, trustee, and testamentary guardian?
These appointments deserve special attention when you review your Will.
Ask yourself:
Would I still choose this person today?
Your executor may need to deal with banks, insurers, government agencies, lawyers, beneficiaries, and potentially disputes about your estate.
If you have a testamentary trust, your trustee may have an important role in managing an inheritance for your beneficiaries.
If you have children under 18, your testamentary guardian may have an important role in their future care and decision-making.
The person you chose several years ago may still be the perfect choice. They may not. It’s worth checking.
Do I need a new Will or just an amendment?
That depends on what has changed. Sometimes a relatively minor change can be dealt with through a formal amendment. In other circumstances, preparing a new Will is the better option.
This is something to discuss with your lawyer rather than trying to make changes yourself.
Never write on your existing Will, cross things out, add clauses by hand, or attach informal instructions and assume they will be legally effective.
Your Will needs to comply with Queensland's legal requirements to be valid.
What about my Enduring Power of Attorney and Advance Health Directive?
Reviewing your Will is also a good opportunity to think about the rest of your estate plan.
Your Enduring Power of Attorney (EPA) deals with decisions made during your lifetime if you lose capacity. Your Advance Health Directive (AHD) records your decisions about future healthcare and medical treatment.
Your Will deals with what happens after your death.
These documents work together as part of your overall estate plan, so a major change in your circumstances may mean you need to review more than just your Will.
Don’t forget your superannuation and life insurance
Your Will may not control your superannuation or life insurance. Your death benefit nominations and ownership arrangements can affect who receives these benefits when you die.
So, if your family or financial circumstances change, check these arrangements as part of your wider estate plan.
For example, if you separate, remarry, have another child, or change your intended beneficiaries, it may be time to review your superannuation nominations and life insurance arrangements as well as your Will.
What if nothing has changed?
That’s great. You may read through your Will and decide that everything still reflects exactly what you want.
You don’t need to change your Will simply because a year has passed. The point of the annual review is to check.
If everything is still right, you can put your feet up knowing you’ve checked in. If something has changed, you can deal with it before it becomes a problem.
A Will review should be part of your regular life admin
Estate planning isn’t a set-and-forget exercise. We recommend treating your Will review like other regular life admin. Put a reminder in your calendar and make it part of your yearly routine.
And remember, you don’t need to wait for your annual review if something significant happens.
Marriage? Review it.
Separation? Review it.
New baby? Review it.
Major asset change? Review it.
Important person in your Will dies? Review it.
Your wishes change? Review it.
Your Will is there to carry out your wishes. Make sure it still reflects them.
At Sun Wills & Estates, we provide our clients with a Will Review Checklist to make the review process simple. It helps you work through the key things to consider and identify whether your circumstances have changed.
If you think your Will needs updating, or you’re not sure whether your current estate plan still works for your family, request a booking and we can talk through your options.