Having a valid and up-to-date Will is one of the most important steps you can take to protect your loved ones and ensure your wishes are followed after your death.
A professionally prepared Will can help ensure your assets are distributed according to your wishes, reduce the risk of disputes and provide clarity for your family during an already difficult time. Our Will lawyers can help you prepare, review and update your Will to reflect your current circumstances.
If you die without a Will, your estate will be distributed according to the rules of intestacy. These rules determine who receives your assets, but they may not reflect what you would have wanted. You can learn more about intestacy laws in NSW through the Succession Act 2006 (NSW).
A Will allows you to make important decisions about your estate, including who should inherit your assets, who should manage your estate and who should care for your children if you pass away while they are still young.
Making a Will is one of the simplest ways to reduce stress for your family. It provides clear instructions and helps your loved ones understand your wishes when they need guidance the most.
Why should you regularly review your Will?
Creating a Will is not a one-time task. Your personal circumstances, relationships and financial position can change over time, which means your Will may no longer reflect your intentions.
We recommend reviewing your Will every three to five years, or sooner if a major life event occurs. Regular reviews help ensure your documents remain accurate and legally effective.
An outdated Will may create uncertainty for your beneficiaries or cause unintended outcomes. For example, your Will may refer to assets you no longer own, include beneficiaries whose circumstances have changed or appoint an executor who can no longer perform the role.
It is also a good idea to review your Will alongside other important documents, such as your Power of Attorney and Enduring Guardian arrangements, to ensure your overall estate plan remains current.
When should you update your Will?
Certain life events can significantly affect your estate planning. You should consider updating your Will if any of the following circumstances apply:
| Life event | Why you should review your Will |
|---|---|
| Marriage or separation | Your relationship status may affect your beneficiaries and the validity of existing estate planning documents. |
| Birth or adoption of children | You may need to update guardianship arrangements or provide for new beneficiaries. |
| Death of a beneficiary or executor | You may need to appoint new people or reconsider how your estate should be distributed. |
| Buying or selling property | Your assets may have changed and your Will may no longer accurately reflect your wishes. |
| Changes to financial circumstances | New investments, businesses or significant assets may require additional planning. |
Will review checklist
When reviewing your Will, consider the following questions:
- Have you married, separated or entered into a new relationship?
- Have you had children or grandchildren since preparing your Will?
- Is your executor still willing and able to manage your estate?
- Have your beneficiaries’ circumstances changed?
- Have any beneficiaries passed away?
- Do your specific gifts still exist, such as property, jewellery, artwork or other valuable items?
- Have you acquired new assets that require consideration in your estate plan?
- Does your Will still reflect your current wishes?
A regular Will review helps identify issues early and gives you the opportunity to make changes before they create problems for your family.
Review your superannuation and life insurance
Your Will does not automatically control how your superannuation is distributed. Many people assume their superannuation forms part of their estate, but this is not always the case.
Your superannuation fund trustee generally determines who receives your death benefit unless you have a valid nomination in place, such as a Binding Death Benefit Nomination (BDBN).
You should regularly review your superannuation nominations to ensure they continue to reflect your wishes. You should also check any life insurance arrangements connected to your superannuation policy.
The Australian Taxation Office (ATO) provides further information about superannuation death benefits and how they may be paid.
Why keeping your Will updated matters
A current Will gives you confidence that your wishes will be followed and reduces uncertainty for your family.
Without regular reviews, your Will may no longer reflect your family situation, financial position or personal intentions. This can lead to disputes, delays and additional legal costs for your loved ones.
Taking the time to review your Will after major life events can help protect your estate and ensure your assets pass to the people you intend to benefit.
Frequently asked questions about reviewing a Will
How often should I update my Will?
You should review your Will every three to five years, or whenever a major life event occurs, such as marriage, separation, having children or acquiring significant assets.
Can I change my Will after it has been signed?
Yes. You can update your Will by preparing a new Will or making a valid amendment known as a codicil. You should obtain legal advice to ensure any changes are properly completed.
What happens if my Will is outdated?
An outdated Will may not accurately reflect your current wishes. It can create uncertainty and may increase the risk of disputes between beneficiaries.
Does my Will control my superannuation?
Not always. Superannuation is generally dealt with separately from your Will. You should review your superannuation beneficiary nominations to ensure they align with your estate planning goals.
Conclusion: Protect your future with regular Will reviews
Your circumstances will change throughout your lifetime, and your estate plan should change with them. Reviewing your Will regularly ensures it continues to reflect your wishes and provides protection for the people who matter most.
If you need assistance preparing a new Will or reviewing your existing estate plan, our experienced Will lawyers can provide guidance tailored to your circumstances.
To discuss your Will review, contact us on (02) 9818 2888 or email [email protected].