Your Will is one of the most important documents you will ever create. It structures how your assets will be distributed, who will manage your estate, and if applicable, who will care for your children after you pass away. Having a Will is important, but it is just as important to ensure it reflects your current circumstances and intentions.
Life is full of changes, and your Will should change with it. An outdated Will can lead to confusion, delays, and potentially legal disputes after your passing.
Key Moments to Review Your Will
Marriage or Divorce: In Western Australia both marriage and divorce can revoke a previous Will unless it clearly states otherwise. If your marital status has changed you may want to revisit your Will to confirm your intentions, you may want to include a new spouse of remove an ex-partner.
New Children or Dependants: Whether through birth, adoption, or blended family, updating your Will ensures guardianship and inheritance plans are in place for your children.
Death of a Beneficiary or Executor: If an executor passes away, you will need to appoint a new executor. If a beneficiary passes away, you may want to reallocate their share to avoid confusion.
Starting or Ending a Relationship: De facto relationships can have the same legal weight as marriage. Ending or beginning such a relationship should prompt a review.
Changes in Wealth or Assets
Your financial position may have significantly changed since your Will was prepared. Consider updating your Will if you have:
- Purchased or sold a property;
- Started or closed a business;
- Acquired new investments; or
- Taken on significant debts.
These changes can affect how your estate is distributed and may require adjustments to your Will.
Other Reasons to Revisit Your Will
- You want to add or remove beneficiaries or change how assets are distributed;
- Your executor is no longer able or willing to act;
- You have moved to a different country with different legal requirements; or
- It has been more than 3 to 5 years since your last review.
Peace of Mind Comes from Being Prepared
An outdated will can lead to stress, confusion, family disputes, and unintended outcomes. Regularly reviewing your Will ensures your intentions are clear, your wishes are honoured, and your estate is managed smoothly.
If you are unsure whether your current Will still reflects your intentions, Douglas Lawyers can help you review and update it. And if you do not yet have a valid Will, we can assist you in preparing one.