When should I make a Will or update my Will?

When someone makes a Will, they often intend for the Will to last decades (or even for the rest of their lives). In rare circumstances, it may work out this way. However, most people’s lives are constantly changing.

If any of the following events have occurred since you wrote your Will, it may be time to have your Will reviewed and / or have a new Will drafted:

1. The Executor(s) of your previous Will has died, or have become unwilling and/or unable to act as your Executor

2. You’ve become married or divorced

3. You’ve recently separated from your spouse

4. You’ve entered into or ended a de facto relationship

5. You’ve given birth to a child

6. Your children have had children of their own

7. A beneficiary has died

8. You no longer own a gift you have provided to a beneficiary

9. There’s been a major increase or decrease in the valuation of real or personal property

10. Your child (or children) have turned 18 and you wish to appoint them as an Executor

11. A business structure has changed

12. A beneficiary has formed an addiction and cannot manage their own affairs

13. A beneficiary is going through (or is likely to be going through) a divorce

14. A beneficiary has become disabled

15. A beneficiary is going through (or is likely to be going through) bankruptcy proceedings.

It is wise every 2 to 5 years to reflect on whether there have been any significant life events that may require you to make a new Will.

These changes might mean including or removing people from your Will, to ensure that your wishes and intentions are truly reflected.

Updating your Will is also a good opportunity to make sure that the Will meets all the required ‘formalities’ and is fair (in the eyes of the law). For example, if your Will does not provide for a beneficiary adequately, or at all, your Estate may be subject to a Family Provision claim from your spouse/partner or a family member. This could cost your Estate a significant amount in legal fees. Ensuring your Will is up to date may avoid this scenario.

If it has been a while since you updated your Will and/or you have had a change in your circumstances, maybe now is the time to reflect on what changes need to be made to your Will. An Estate lawyer can help ensure your updated Will is properly drafted and less likely to create complications or be challenged.

By Mark Murnane, Wills + Estate Lawyer - Melbourne Victoria, WA, NSW, Tasmania, Queensland, NT, SA and ACT

DISCLAIMER: This article is provided for general information purposes only. It does not constitute specific legal advice or opinion. Although our aim is to provide you with as accurate information as possible, you should not act or rely upon the information in this article without seeking the advice of an experienced lawyer who specialises in the particular area of law relevant to your inquiry. Please do not to hesitate to contact Murnane Legal to make further inquiries or to make an appointment to discuss the specifics of your situation.