When to update your Will

In most Australian states, marriage automatically revokes a Will made before the marriage - unless the Will was explicitly made in contemplation of that marriage. If you wrote a Will before your wedding and have not updated it since, there is a real chance it no longer exists as a valid document. This applies even if the Will was made recently.

Divorce does not revoke your entire Will, but it does revoke gifts to a former spouse and removes them as executor in most states. If you separated but have not yet divorced, your former partner may still inherit under your existing Will. The moment a relationship ends is the moment to review your estate plan.

Every new child in your family needs to be accounted for - both as a potential beneficiary and as a consideration for guardian appointments. A Will that names no guardian leaves the decision to a court. A Will that predates a child may unintentionally exclude them, depending on how the gifts are worded.

Real estate is typically a significant portion of any estate. How you hold the property matters: property held as joint tenants passes automatically to the surviving owner and does not flow through your Will at all. Property held as tenants in common does form part of your estate. Check how your property is titled - and whether your Will reflects what you actually intend.

A business interest creates complexity that most template Wills do not fully address. Who inherits the business? Do they have the skills or interest to run it? Is there a buy-sell agreement with co-owners that overrides your intentions? Business succession planning deserves specific attention - this is an area where a solicitor review adds real value.

If a person named in your Will predeceases you, the gift to them typically lapses unless you have named a substitute. If your executor dies, you may have no one appointed to administer your estate. Review your Will whenever someone important to it is no longer able to play their role.

A major inheritance, the sale of a business, a substantial investment, or a period of significant debt can all change what your estate looks like in ways your current Will does not account for. Even if the beneficiaries remain the same, the relative sizes of gifts may no longer reflect your intentions.

Australian succession law applies to assets in Australia, but not automatically to assets held abroad. Some countries require a separate Will valid in their jurisdiction. If you move permanently overseas, your Will may also need to reflect your new place of domicile. A solicitor with international estate planning experience can advise on the specifics.