Is it time to update your Will?

Your Will and estate plan ages over time and may need a tidy-up. More than 50% of people who have a Will need to update it, particularly when their personal circumstances change.

If you think this may be the case for you, we've done a bit of the leg work and put together some information that could help you decide if you need to review or update your Will and estate plan. Stay on top of your estate planning to ensure your wishes are met and your loved ones are taken care of.

We invite you to write your Will for free.

Update your will when:

• You buy or sell a major asset like a car or house.
• You change your investments, such as a business or shares.
• You receive an inheritance or financial gift.
• You move into a retirement village or care home.
• You go through a divorce, separation, or marriage (which may cancel an existing will).
• You want to change beneficiaries.
• A new beneficiary, like a grandchild, is born.
• You are diagnosed with a serious illness.
  
  

Updating Your Will:

How Often: Review your will every five years or whenever you have major life changes.

Method: Create a new will instead of adding amendments, which can cause confusion. Make sure the new will cancels the old one.

Legal Help: Consult a lawyer to ensure everything is legal.

State/Territory Rules - Changing your will can be tricky because the rules differ across states and territories.

ACT: Marriage or divorce cancels your will. Contact a lawyer for updates.

NSW: Marriage cancels your will; divorce only affects parts relating to the divorced party.

NT: Public Trustee can update wills for specific groups; marriage or divorce cancels your will.

QLD: Marriage/divorce can cancel your will unless there are specific clauses. Civil partnerships are treated the same as marriage.

SA: Marriage cancels your will unless it’s mentioned; divorce doesn't cancel your will, but it does change your former spouse’s rights.

TAS: Marriage or divorce cancels your will but may only affect parts related to a current or former spouse.

VIC: Marriage cancels your will unless specified; divorce doesn't cancel your will, but it does change your former spouse’s role.

WA: Public Trustee can draft/update wills if named as executor; the effect of divorce depends on the will's creation date.

Always seek legal advice when updating or changing your will to ensure it remains valid and legal. For a free online Will Stroke Foundation has partnered with Gathered Here. 

About leaving a gift in your Will.