Is It Time to Update Your Will?

By Lidia Vicca, Managing Director of Vicca Law 

Imagine this: you've put in the effort to create a will, thinking you're all set. 

But life has a way of throwing curveballs—marriages, divorces, new children, and even changes in your financial situation. Have you thought about how these changes affect your will?  If you haven't revisited your will recently, it might be time to do so. 

Why Updating Your Will is Essential

Your will should be a living document that reflects the current state of your life, including family dynamics, relationships, and changes in your beneficiaries and executors.  Life is full of changes, and sometimes your estate planning strategy needs to be updated to remain appropriate. Here are some significant triggers for updating your will:

Major Life Changes

1. Marital Status Changes

●    Getting Married: Your previous will becomes invalid when you marry, so you need a new one as soon as possible.
●    Divorce: If your current will includes gifts to your former spouse, those gifts become invalid upon divorce. Redirect these gifts in your updated will.
●    De Facto Relationship: Living together for two years on a genuine domestic basis means your partner has the right to contest your will in Queensland. Update your will to reflect this change.
●    Separation: Whether from a spouse or a de facto partner, update your will to reflect the end of the relationship.

2. Family Dynamics

●    Having More Children: Ensure your will includes any new children and re-evaluate legal guardians if necessary.
●    Changing Your Name: Update your will to reflect any legal name changes for accuracy.
●    Moving: Moving interstate or overseas can impact your estate. Different states and countries have varied rules, so consult a lawyer to update your will accordingly.

Business and Financial Changes

●    Starting a Business or Becoming a Director: Consider your business succession plan and potential financial advice regarding insurance.
●    Significant Changes in Asset Base: If your estate has significantly increased or decreased, or if you’ve acquired assets jointly with another person, update your will.
●    Gifting Assets: If you’ve already gifted items to people, account for these gifts in your will.

Beneficiary Considerations

●    Beneficiary Changes: If a beneficiary has changed their name, moved overseas, become an adult, or lost the ability to manage their affairs, update your will.
●    Financial Irresponsibility: If a beneficiary has become financially irresponsible or is facing bankruptcy, consider a testamentary trust to protect their inheritance.

Decision-Making Roles

●    Executors and Guardians: Ensure you are still satisfied with your chosen executors, guardians, and trustees. If relationships or circumstances have changed, update these roles.
●    Enduring Power of Attorney: Re-evaluate if your attorney is still the right person to hold these powers.

Regular Reviews

Updating your will doesn't have to be daunting. Start with a solid baseline and tweak it as your circumstances change. This isn't about a money grab from me as a lawyer—it's about ensuring your will accurately reflects your current situation. Life is unpredictable, and having an up-to-date will provides peace of mind for you and your family.