Your will is one of the most important documents you’ll ever create, ensuring that your wishes are carried out and your loved ones are cared for after your death. However, life doesn’t stay the same, and neither should your will.
As an experienced solicitor in NSW, I’ve seen how outdated wills can lead to confusion, disputes, and unintended outcomes. Reviewing your will after major life events is essential to keeping it relevant and legally effective.
Here are five key reasons why you should revisit your will after significant changes in your life.
1. Marriage or Divorce
Marriage: Under Australian law, marriage generally revokes a will unless the will explicitly states that it was made in contemplation of the marriage. If you’ve recently tied the knot, your existing will could become invalid, leaving your estate to be distributed according to intestacy laws rather than your wishes.
Divorce: Divorce also impacts your will. In NSW, divorce revokes any clauses benefiting your former spouse, including appointments as executor or guardian. However, if you separate without formalising a divorce, your ex-partner could still inherit unless you update your will.
Action: Ensure your will reflects your current relationship status and intentions regarding your spouse or former spouse.
2. The Birth or Adoption of a Child
The arrival of a new child—whether by birth or adoption—is a life-changing event that should prompt an immediate review of your will.
Why It Matters: If your current will doesn’t include provisions for your new child, they may not receive their intended share of your estate. Additionally, without a clear guardian named in your will, the court may decide who cares for your child if you pass away unexpectedly.
Action: Update your will to include your new child as a beneficiary and nominate a guardian you trust to care for them.
3. Significant Changes in Assets or Financial Circumstances
Your financial situation can change dramatically over the course of your life—whether through acquiring new property, starting a business, inheriting money, or facing financial hardship.
Why It Matters: Your will should account for all your assets to ensure they’re distributed according to your wishes. Failing to update your will could mean that new assets fall outside its scope, leading to unintended distributions.
Action: Review your will whenever you acquire or dispose of significant assets, such as a home, business, or investment portfolio.
4. The Death of a Beneficiary or Executor
The loss of someone named in your will, whether as a beneficiary, executor, or guardian, requires immediate attention.
Why It Matters: If a beneficiary predeceases you, their inheritance may lapse or be redistributed in a way you didn’t intend. Similarly, the death of an executor or guardian may leave your estate or dependents without proper guidance.
Action: Update your will to replace deceased beneficiaries or executors and ensure your wishes are still achievable.
5. Changes in Family Dynamics or Relationships
Family relationships can evolve over time, for better or worse. Whether you reconcile with an estranged relative, welcome a new partner, or experience a falling-out, these changes should be reflected in your will.
Why It Matters: Outdated wills can lead to unintended consequences, such as excluding someone you’ve reconnected with or benefiting someone you’re no longer close to. This is especially important in blended families, where careful estate planning is essential to avoid disputes.
Action: Review your will to ensure it accurately reflects your current relationships and intentions.
Final Thoughts
Reviewing your will after major life events is not just a good idea—it’s essential for ensuring your estate plan remains relevant and effective. Life is unpredictable, and your will should adapt to reflect the changes in your circumstances.
If you’ve experienced any of these major life events, contact an experienced solicitor to review and update your will. Taking proactive steps now can provide peace of mind for you and your loved ones, ensuring your legacy is protected and your wishes are respected.