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Should I Update My Will?
Should I Update My Will?
A will should be reviewed and updated when there are significant changes in your personal or financial circumstances.
Events such as marriage, divorce, the birth of children, changes in asset ownership or alterations to business or trust structures may affect how your estate should be managed. Updating a will may also involve reviewing related estate planning arrangements to ensure they remain consistent and effective.
Obtaining legal advice helps ensure your will continues to reflect your intentions and operates as intended.
Changes in Business or Personal Structuring
The way assets are held, including through trusts or superannuation funds, can affect how a will operates. These assets may not form part of the estate and may be dealt with separately from the will.
For example, where assets are held in a family trust, it is important to consider who controls the trustee and how that control passes on death. Consideration should also be given to whether beneficiaries have any entitlement to trust assets.
Loans made to beneficiaries through trust structures should also be reviewed, as they may affect the overall distribution of the estate.
QBM Lawyers advise on these structures and how they interact with estate planning.
Changes in the Circumstances of a Beneficiary
Changes in a beneficiary’s circumstances may require a will to be updated. These may include:
- A beneficiary having children, requiring consideration of how their entitlement is to pass if they die
- The death of a beneficiary or changes that affect the relevance of a gift
- A beneficiary becoming bankrupt, which may expose their entitlement to creditors
- Changes in the relationship between the will maker and the beneficiary, including estrangement
Changes in your Personal Circumstances
Changes in your personal circumstances may require your will to be reviewed and updated. Events such as separation, divorce or remarriage can affect how your estate is distributed and should prompt a review of your will.
Consideration should also be given to the needs of children and any changes in financial position, including receiving a significant gift or financial benefit.
Changes in the Circumstances of your Executors
Changes affecting your appointed executor may also require your will to be updated. An executor may become unable or unwilling to act due to illness, financial difficulty or other personal circumstances.
Where a professional has been appointed as executor, changes such as retirement or cessation of practice may also require reconsideration of that appointment.
So Should I Update My Will?
Whether a will needs to be updated depends on the nature of the changes in your circumstances and how the will was originally prepared.
As a general guide, a will should be reviewed periodically and following any significant life event. If there is uncertainty as to whether an update is required, it is appropriate to seek legal advice.
For will enquiries, please contact Peter Muller at peterm@qbmlaw.com.au or +61 755 74 01.
Wills and Estates Areas Of Practice
Has Your Life Changed? Review Your Will With Gold Coast Estate Lawyers Today
QBM Lawyers advises on will updates and estate planning reviews to ensure your arrangements continue to reflect your intentions and current circumstances.
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Frequently Asked Questions
As a general guide, your will should be reviewed every few years and whenever there is a significant change in your personal, financial or family circumstances.
Yes. Marriage, separation and divorce can affect the operation of a will and may change how assets are distributed. Legal advice should be obtained following these events.
Yes. Assets held through trusts or superannuation funds may not automatically form part of your estate. Estate planning arrangements should be reviewed to ensure they align with your will.
If an appointed executor dies, becomes incapable or is unwilling to act, administration of the estate can become more complicated. Updating your will can ensure appropriate replacement executors are appointed.
Yes. The birth of children or grandchildren may affect how you wish your estate to be distributed and whether additional provisions or testamentary trusts should be considered.
Yes. Issues such as bankruptcy, family law disputes or financial difficulties affecting a beneficiary may require changes to your estate planning arrangements.
Outdated wills can create uncertainty, disputes and unintended outcomes. Regular reviews help ensure your will continues to reflect your intentions and current circumstances.
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