Updating Your Will: When and Why It Matters
When most people think about writing a will, they imagine it as a one-time task—something you do once, tick off your list, and forget about. But here’s the truth: a will isn’t a “set-it-and-forget-it” document. As your life changes, so should your will. Just as we update our home insurance, revise our goals, or move through life’s major milestones, our final wishes deserve the same attention. In this guide, we’ll explore why updating your will is so important, when you should do it, and how it can protect your legacy for the people you care about most. See more: Conveyancing Made Easy: What You Need to Know for Smooth Transactions What Is a Will? A will is a legal document that outlines your wishes regarding the distribution of your assets, care of your minor children, appointment of an executor, and other personal matters after your death. It gives you the ability to: Most importantly, it ensures that your voice is heard when you’re no longer here to speak. Why a Will Is Important—Even for Younger Adults It’s easy to believe that a will is only necessary later in life. But accidents and illnesses can happen to anyone, at any time. If you’re over 18 and have any assets—or loved ones who depend on you—it’s time to think about creating and regularly updating a will. Let’s say you’re a 30-year-old professional with a savings account, a car, and a beloved pet. You may not think that qualifies as an “estate,” but to your family, the absence of a will could lead to uncertainty and conflict. Who gets what? Who cares for your pet? Who makes the decisions? Without a will—or an up-to-date one—those decisions are left to the courts. What Happens If You Die Without a Will? Dying without a will is known as dying intestate. In this case, the law determines how your estate is divided, not you. Each Australian state and territory has its own rules, but in general: A well-maintained will avoids these issues and protects your legacy. The Benefits of Having a Will Before we dive into why updating your will matters, it helps to understand what having a legal will offers in the first place. ✅ 1. Clear Asset Distribution You get to control who inherits your money, home, heirlooms, or business. This reduces the risk of disputes among your loved ones. ✅ 2. Family Harmony With your instructions clearly stated, your family is less likely to face stress or arguments about “what you would have wanted.” ✅ 3. Children’s Guardianship If you have minor children, you can nominate trusted guardians. Without this, the courts will decide. ✅ 4. Executor Choice Your will lets you name someone you trust to handle your affairs efficiently and with care. ✅ 5. Legacy Gifts You can leave specific items or donations to charities, friends, or family members, creating a legacy that lives on. When Should You Update Your Will? Creating a will is a great first step—but life doesn’t stand still. Your relationships, finances, and priorities change over time, and your will should reflect that. Here are the most common triggers that signal it’s time for an update: 📅 1. Marriage or Divorce Marriage may cancel your previous will unless it states otherwise. Divorce doesn’t automatically remove your ex-spouse from your will in all states. Update your will to reflect your current relationship status and intentions. 👶 2. Birth or Adoption of a Child Welcoming a child is one of the biggest reasons to update your will. You may want to appoint a guardian, adjust how your estate is divided, or create trusts for their future. 💔 3. Death of a Beneficiary or Executor If someone you named in your will passes away, you’ll need to remove or replace them. 💼 4. Financial Changes Whether you sell your home, inherit assets, open a business, or experience a financial setback, it’s important to adjust your will accordingly. 🏡 5. Moving Interstate or Overseas Laws regarding wills vary between Australian states and countries. If you’ve relocated, have your will reviewed to ensure it complies with local regulations. 🔄 6. Change in Wishes Perhaps you’ve fallen out with someone, developed new relationships, or want to support a new cause. Your will should evolve with your values. ⏳ 7. Time Has Simply Passed Even if nothing major has changed, experts recommend reviewing your will every 3 to 5 years. What felt right five years ago might need tweaking now. Real-Life Example: The Missed Update Consider David, a father of two who wrote a will at 35, naming his wife as his sole beneficiary and executor. At 50, after divorcing and remarrying, he never updated his will. When he passed unexpectedly, his ex-wife was still legally entitled to his estate under the outdated will. His new partner had to fight through court for support, and his children were left in the middle of an emotional and legal nightmare. All of this could have been avoided with a simple update. How to Update Your Will in Australia There are two ways to update your will: ✏️ 1. Create a New Will This is the cleanest and most common method. You revoke your old will and create a new one that reflects your current wishes. Always include a statement saying this new will revokes all previous versions. 📄 2. Add a Codicil A codicil is a separate legal document used to make small amendments (e.g. changing an executor or adding a beneficiary). It must be signed and witnessed in the same way as a will. For most people, especially after major life changes, writing a new will is safer and more comprehensive. Where Should You Store Your Updated Will? Once your updated will is complete, be sure to: Remember: only the most recent, valid will will be recognised. What If You Don’t Update It? An outdated will can cause just as much confusion as having no will at all. It may: In worst-case scenarios, a
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