When preparing a will for a client, I am often asked, “When should I review my will again?”
There are certain “triggers” that you can keep in mind, to review your will. I have set these triggers out below.
Marriage revokes a will. Therefore, if you intend to marry, or have recently married, you should review your will.
If you intend to marry, your will can be prepared in contemplation of your marriage. This will avoid your will being revoked after you are married.
If you have a will, and have recently divorced or terminated a registered relationship, references in your will to your former spouse (as beneficiary, executor, trustee and guardian) will be omitted.
Therefore, if you wish to keep your former spouse in your will as an executor, beneficiary, trustee and/or guardian, you should review your will.
Buying or Selling a Significant Asset
If you buy or sell a house or business, this may have implications on your will. It is important that your seek advice in relation to how the purchase or sale of a significant asset may affect your will and estate plan.
Superannuation is separate to your estate, therefore, it is not automatically dealt with under the terms of your will. Therefore, if you are making any changes to your superannuation, whether you are changing superannuation funds or establishing a self-managed superannuation fund, you should also ensure you have had your will reviewed.
Review your will every two to three years
Generally, it is advisable to review your will every two or three years or whenever a major event occurs in your family. For example:
- if you have any children;
- if your executor or any of your beneficiaries die; or
- if you enter into a de facto relationship.
A regular review, will ensure that your will is kept up to date with any changes to your life and any new legislation.
To make an appointment to review your will, or discuss your estate plan, please do not hesitate to contact me.