When is it time to change your will?

Writing a will is an important step to take in securing your family's future. Think of your will as a work in progress, even after it's signed.

Although you may have a legally valid will, it is important to reconsider upon your will from time to time to ensure that your will accurately reflects your wishes. This is particularly important as your life changes and your priorities shift.

Have your assets changed?

If you have purchased, come into significant assets or even disposed of an asset, it is important that you consider whether your will accurately reflects your intentions.

In particular, if you sell an asset that is specifically named in your will as a gift, you must update your will. The consequences of not updating your will in these circumstances can be significant and lead to greater problems after your death, including unintentional and unequal distributions to beneficiaries.

Has your family situation changed?

If you've had children or expanded your family since you last updated your will, now may be the time to rethink how your estate will be distributed after your death.

Particularly for new and young families, your will should reflect your wishes in the event of your death, including appointing a guardian for minor children.

Have you recently been married, divorced or separated?

A marriage automatically cancels your will, unless the will was clearly made in contemplation of your marriage.

In a divorce, there are legal rules about how your will operates. It is best to change your will and seek legal advice.

If you separate from your partner, your will is not automatically revoked and it is important that you create a new will.

How often should you update your will?

It is recommended that you revisit and consider updating your will every 3 to 5 years to ensure it remains a true reflection of your intentions. If your circumstances change significantly during that period, you should consider a more frequent review to protect your legacy.

If you need assistance creating or updating an existing will, contact a member of our wills team today on (03) 9311 8911.

The information contained in this article is general in nature and does not take into account your personal situation. This information should not be relied upon in place of appropriate professional advice. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a solicitor.