Life can bring some significant changes; your Will and estate plan should change with them. Regularly reviewing and updating your Will before and after major personal, financial, or legal events can save your loved ones from unnecessary stress and ensure your wishes are clearly understood after you’re gone.
Below is a list of the top 8 things that might prompt you to review your will and estate plan;
- Change in Family Dynamics
Have you experienced a breakdown in your relationship with a partner, child, or other beneficiary? Relationships can change over time, and you may no longer wish for certain individuals to inherit from your estate. Updating your Will can help ensure your legacy is respected. - Updated Relationship Status
Have you entered a new de facto relationship, gotten married, or applied for or obtained a divorce? All of these can legally affect your Will or make parts of it invalid, so it’s crucial to update it along with your relationship status. - Updated Parent or Guardian Status
Have you had children (including through adoption or fostering)? Becoming a parent means you may want to include provisions for your child’s care and future financial needs – failing to include it could cause costly legal battles for your loved ones down the track. - Name Changes
Have you or anyone named in your Will changed their name? Name changes can create confusion or delays in carrying out your wishes unless your Will reflects accurate and current information. - Change of Executor
Has your executor passed away or become unwilling or unsuitable to carry out your wishes? Executors play a critical role in managing your estate, and it’s essential that the person named is capable and willing to take on this responsibility. - Change of Beneficiary
Has your beneficiary passed away, or do you want to remove someone for other reasons? If a named beneficiary is no longer relevant or able to inherit, updating your Will avoids complications and ensures your assets are distributed as you wish. - Increase or Decrease in Assets
Have you bought, sold, or received significant assets like property, shares, or an inheritance? Your Will should account for major changes in the value or type of assets in your estate to avoid unwanted outcomes. - Establishing a Company or Trust
Have you set up a new business or family trust? Including these in your Will ensures they’re handled properly and aligns with your broader estate and financial planning.
What happens if you don’t update your Will and estate plan?
Failing to update your Will and estate plan to reflect significant life changes can cause serious complications for your loved ones and potentially impact your legacy.
Here’s what could happen and why regular reviews are so important:
- Your Will May No Longer Reflect Your Current Wishes
If your personal relationships, family dynamics, or assets have changed, your Will might not align with your current wishes. For example, if a new child isn’t included or a former partner remains a beneficiary, your estate may be distributed in ways you never intended. - Disputes Among Family and Beneficiaries
Outdated Wills are a common source of disputes among loved ones. Vagueness or omissions can lead to costly and emotional legal battles, especially in cases where some family members feel unfairly treated or left out. - Potential Invalidity of Your Will
In Queensland, major life events like marriage or divorce can automatically revoke or alter parts of your Will unless specific provisions are made. For example:- Marriage: Unless your Will explicitly states it was made in contemplation of marriage, it may be revoked when you marry.
- Divorce: Divorce cancels any gifts to your former spouse and their appointment as executor but does not revoke the entire Will, potentially leaving gaps in your estate plan.
- Assets May Not Be Properly Distributed
If new assets like property or shares are not included in your Will, they may form part of your “residual estate” and be distributed in unintended ways. Worse yet, assets owned through trusts or companies may require specific instructions to ensure proper handling. - Children or Dependents May Be Overlooked
If you have children after writing your Will and don’t update it, they may not automatically inherit, leaving them unprovided for unless they make a legal claim on your estate – which can be stressful, expensive and emotionally draining. - Non-compliance with Changing Laws
Estate planning laws and tax rules can change over time. Regular reviews ensure your Will complies with current legislation in Queensland and minimises potential tax liabilities or complications for your beneficiaries. - Delays and Administrative Challenges
An outdated or unclear Will may lead to delays in administering your estate. Executors may struggle to interpret your intentions or deal with outdated provisions, causing unnecessary stress and costs.
How often should you update your Will?
Generally, 3-5 years is the recommended timeframe, but it is important to review your Will and estate plan as your circumstances change. Furthermore, there has been an increase in estate litigation where simple and inexpensive changes could have been made to someone’s Will and estate plan avoiding unnecessary conflict and legal fees.
If any of the above applies to you or you wish to discuss any other concerns or queries, please contact our office on (07) 3221 9722 or email your enquiry to info@orglaw.com.au.
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This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.
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