How often should I update my Will?
Hey legend! You’ve sorted your Will. Well done.
Your estate planning journey isn’t quite over, though. Once you have a Will, there’s one important job left: keeping it current.
Life changes. Your family changes. Your assets change. Your priorities change. Your Will needs to keep up.
So, how often should you review your Will?
As a general rule, we recommend checking your Will every year, having a more detailed review every 5 to 7 years, and getting legal advice sooner if there’s been a significant change in your circumstances.
The annual check-in doesn’t need to be complicated. It can be as simple as pulling out your Will, reading through it, and asking yourself:
“If I died tomorrow, would this Will still reflect what I want?”
If the answer is yes, great.
If the answer is no, or you’re not sure, it’s time to get advice.
Review vs update: what’s the difference?
First, there’s an important distinction between reviewing your Will and updating your Will.
Reviewing your Will
Reviewing your Will simply means checking that it still reflects your wishes and circumstances.
You might check:
who you have appointed as your executor;
who you have appointed as trustee, if applicable;
who you have appointed as testamentary guardian for your children;
who your beneficiaries are;
the gifts you have made;
any specific directions or conditions in your Will;
whether your overall estate plan still makes sense;
where your original Will is stored; and
whether your executor and key people know where to find it.
Sometimes you’ll read your Will and decide that nothing needs to change. That’s a successful review too.
Updating your Will
Updating your Will means making a change to the document. Depending on what needs to change, this may involve preparing a new Will rather than making a small amendment.
For example, you might need to update your Will if you want to:
change your executor;
appoint a different testamentary guardian;
change a beneficiary;
change a specific gift;
change how your children will receive their inheritance;
introduce or remove a testamentary trust strategy; or
restructure your estate plan because your assets or family circumstances have changed.
A change in circumstances does not automatically mean your Will needs to be replaced. It does mean you should have it reviewed so you can work out whether a change is needed.
When should you review your Will?
You can pick a date each year and make it your annual Will check-in.
Put it in your calendar. Set a reminder on your phone. Choose your birthday, the anniversary of making your Will, the start of the financial year, or any other date that works for you.
The important thing is that you remember to do it. You can use your annual review to ask yourself whether anything has changed since you last looked at your Will.
Your relationships have changed
Relationship changes are one of the biggest reasons to review your Will.
Consider getting advice if you:
have started a new relationship;
have entered into a de facto relationship;
have married;
have separated;
have divorced;
have ended a de facto relationship;
have entered a blended family; or
have experienced a significant change in your relationship with someone named in your Will.
Marriage and divorce are particularly important in Queensland. Marriage can revoke an existing Will unless the Will was made in contemplation of that marriage or another exception applies. Divorce can also affect gifts and appointments in favour of a former spouse.
If you have married, separated, or divorced, don’t assume your existing Will still does what you want. Get it checked.
Your family has changed
Your family can look very different from when you first made your Will.
You might have:
had a baby;
adopted a child;
welcomed stepchildren into your family;
had children become adults;
experienced the death of a child or other beneficiary;
had a beneficiary become financially independent;
become concerned about a beneficiary's vulnerability or circumstances; or
had a significant change in your relationship with a child or other family member.
For parents, it is worth reviewing your testamentary guardian appointments as your children grow.
The person who feels like the obvious choice when your children are toddlers may not be the person you would choose several years later.
Your assets have changed
Your Will is only one part of your estate plan, so changes to your assets should prompt a review.
For example, you might have:
bought or sold a property;
refinanced your home;
inherited money or property;
started or sold a business;
acquired shares or investments;
established or changed a trust;
changed your superannuation arrangements;
acquired significant personal assets; or
changed the way an asset is owned.
Property ownership can be particularly important. A property held in your sole name may form part of your estate, while jointly owned property may pass outside your Will depending on the way it is owned.
Similarly, superannuation does not automatically form part of your estate. This means a change to your assets is a good reason to look at your whole estate plan, not just your Will.
Your executor or guardian has changed
The people you appoint to important roles matter.
You should review your appointments if your executor, trustee, or testamentary guardian:
has died;
has become unwell or unable to act;
has moved overseas;
is no longer someone you trust;
has experienced a major change in their own circumstances; or
simply isn’t the right person for the role anymore.
You might also decide that you want a different person as your executor or guardian as your children grow older.
Your estate plan should reflect who you trust now, not necessarily who you trusted when you first made your Will.
Your loved ones' circumstances have changed
It’s easy to focus on your own circumstances when reviewing your Will. Your beneficiaries' circumstances matter too.
For example:
a child may have separated from their partner;
a beneficiary may have developed significant financial difficulties;
someone you intended to benefit may have received a large inheritance;
a beneficiary may have developed a disability or other vulnerability;
a family member may have married or entered a blended family; or
someone you previously intended to benefit may no longer be part of your life.
These changes may affect the strategy you want to use to provide for that person.
Your plans have changed
Sometimes nothing dramatic has happened. You’ve simply changed your mind.
Perhaps you made your Will ten years ago and your priorities are different now.
Maybe you no longer want to leave a particular gift. Maybe your children are older and you have different ideas about how they should receive their inheritance. Maybe you have changed your preferred executor or guardian.
That’s enough reason to review your Will. Your Will is your document. It should reflect your wishes.
Don't forget the rest of your estate plan
When you review your Will, take a few extra minutes to think about your broader estate plan too. Ask yourself:
Is my Enduring Power of Attorney still right?
Would you still choose the same person to make financial and personal decisions for you if you lost decision-making capacity?
Is my Advance Health Directive still right?
Do your healthcare directions and preferences still reflect your wishes?
Are my superannuation nominations still appropriate?
Have you reviewed your death benefit nominations and checked that they still align with your overall estate planning strategy?
Is my Letter of Wishes still relevant?
If you have young children, does your parenting guidance still reflect their needs, personalities, education, routines, and your wishes for their future?
Has anything changed about how I own my assets?
A Will cannot control every asset you own. Your ownership structures and beneficiary nominations need to work alongside your Will.
What if nothing has changed?
Then you may not need to change your Will. That’s the beauty of a review.
You might pull out your Will, read it, check your key appointments and beneficiaries, confirm your broader estate plan is still aligned, and put it safely back where it belongs.
You’ve done the job. And you can set another reminder for next year.
Your annual Will check-in
We like to think of your annual Will review as a little piece of life admin that protects the people you love. You don’t need to spend hours thinking about it.
Choose a date. Pull out your Will. Ask yourself:
Has anything changed?
Would I make the same decisions today?
Are the people I've appointed still the right people?
Does my overall estate plan still work for my family?
If everything still looks right, fantastic. If something has changed, that’s when it’s worth getting advice.
And if it has been several years since you last had your Will professionally reviewed, it’s a good time to do that too.
Life changes. Your estate plan should be able to change with it.
Need to review your Will or your wider estate plan? We can help you work out whether your existing arrangements still suit your family, assets, and wishes.