Should I update my will and estate plan? And how often should I do this?

Good estate planning ensures that your assets go to the people that you want them to go to when you die. A large part of good estate planning is having a valid and up-to-date Will. This also eliminates any angst at a time when your loved ones are grieving.

Keeping Your Will Up to Date

Once your Will has been signed, you should revisit it regularly to ensure that your wishes will be fulfilled when the time comes. You should also be aware that there are some circumstances in which your Will might be revoked or invalidated, in which case you will need to prepare a new one.

If your Will is revoked or invalidated and you do not prepare a new one, your previous Will or the rules of intestacy will be applied to your estate when you die.

If you would like more information on what a Will is and why you should have one read our article – What is a Will and why do I need one.

Circumstances That Might Revoke or Invalidate Your Will

The following circumstances may result in the re-writing or revoking of all or part of your Will:

1. marrying or entering into a registered relationship after signing your Will; or
2. divorcing a spouse that you were married to at the time of signing your Will.

These can also revoke your Enduring Power of Attorney.

Do You Have an Estate Plan?

An estate plan is important as it deals with assets that cannot be included in your Will, such as superannuation and assets in a family trust or company. Therefore, not only should you keep your Will up to date, it is important to review your entire estate plan to ensure that all of the assets that you control are dealt with as you wish, especially if your structure has changed at all since you last reviewed your estate plan.

When Should You Review Your Estate Plan?

Ideally, you should revisit your estate plan at least every three to five years. Some examples of when you should revisit your estate plan sooner include where:

1. your financial circumstances change;
2. your family circumstances change, for example, if you marry, start a new relationship, divorce, separate, or have children or grandchildren;
3. a beneficiary under your current Will dies;
4. an executor or trustee appointed under your current Will dies or becomes unsuitable to act due to age or ill-health;
5. you sell or give away assets that are specifically mentioned in your Will;
6. you buy or inherit significant assets;
7. you begin to hold assets that your Will cannot deal with, such as in superannuation or a trust; or
8. the entities or structures you hold assets in change.

What happens if you don’t update your Will in QLD?

It may no longer reflect your wishes or life changes like a new partner, children, or assets you’ve sold. This can leave loved ones feeling left out, create confusion for your executor, and even lead to costly will disputes or challenges. Keeping your will up to date gives your family clarity and reduces the risk of conflict in times of grief.

Some common scenarios of an outdated will:

• Changed circumstances not acknowledged
  If the deceased gained a new spouse or dependant after writing their Will and didn’t update it, then they may be left out or inadequately provided for, potentially leading to disputes.
• Gifts that no longer exist (ademption)
  If the will names an asset that’s since been sold, gone or replaced (e.g. “my house at Ipswich,” but the house was sold), disputes may arise about whether the gift still applies.
• Clerical or drafting errors
  Mistakes in wording and unclear references may lead to disputes over true meaning or intention. The court can be asked to rectify errors if they do not carry out the testator’s intention.
• Asset list out-of-date
  This could mean some beneficiaries get less (or nothing) than you intended, and in some cases the estate may be treated as if there were no valid will at all, opening the door to disputes or legal claims.

Digital Assets & Your Estate Plan

In today’s world, digital assets, such as online banking, cryptocurrency, social media, email accounts, photos, and cloud storage, form part of your estate. If your will does not include them:

• executors may struggle to access or manage them legally;
• valuable or sentimental digital property could be lost;
• disputes may arise among family members about access or ownership.

That’s why digital estate planning is more essential than ever. You can learn more about protecting your online life here: Digital Assets & Your Estate Plan. Or, speak to our trusted Family Lawyers today — the initial consultation is always free.
It is essential that any changes or updates to your Will (and other documents, such as trust deeds) are completed correctly to ensure your wishes are carried out. There is a chance that if the documentation has not been done correctly, even the smallest of changes to your Will can revoke or invalidate the entire document.

To update your estate plan or get advice on your current estate plan and Will, contact a member of our team.

To get your free no-obligation consultation, fill in the form below.

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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