Preparing or updating your will is a crucial step in ensuring your wishes are carried out after you’re gone. While it’s recommended to review your will every 3-5 years, certain life events may necessitate more frequent updates. Here are some key times when you should consider preparing or updating your will:

Major Life Changes

Marriage or Divorce: In Australia, marriage typically revokes a previous will, while divorce can affect certain provisions. It’s essential to update your will after these significant life events to ensure it reflects your current wishes.

Expanding Family: The birth or adoption of children or grandchildren is an excellent time to review your will. This ensures that new family members are provided for and that guardianship arrangements are in place for minor children.

Death of Beneficiaries or Executors: If a person named in your will passes away or becomes unable to fulfill their role, it’s time for an update.

Financial Changes

Asset Acquisition or Disposal: Significant changes in your financial situation, such as buying or selling property, receiving an inheritance, or starting a new business, warrant a will review.

Retirement: As you transition into retirement, your financial situation and priorities may shift, making it an opportune time to update your estate plan.

Other Important Considerations

Moving Interstate or Overseas: Different jurisdictions may have varying laws affecting your will’s validity, so it’s crucial to review it if you relocate.

Health Changes: A significant change in your health status might prompt you to reconsider your estate planning.

Changes in Relationships: Estrangement from family members or the formation of new close relationships may influence how you want your assets distributed.

Remember, while these are general guidelines, it’s always best to consult with a legal professional to ensure your will accurately reflects your current circumstances and intentions. Regular reviews, even if no changes are needed, can provide peace of mind that your affairs are in order.

By staying proactive and keeping your will up-to-date, you can ensure that your legacy is preserved and your loved ones are cared for according to your wishes. If you need help preparing or updating your will or preparing an estate plan, contact our office on +61 7 4036 9700 to make an appointment with Lauren Doktor, Wills and Estates Partner.