Is Your Will Up to Date? 5 Life Events That Should Trigger a Review
Life moves fast. Families grow, relationships change, and assets come and go. While making a Will is a crucial "set and forget" task for many, the truth is that a Will written five or ten years ago may no longer reflect your current wishes or the law.
At Lardners Solicitors, we often see clients who are surprised to learn that significant life changes can impact the validity or effectiveness of their existing estate plan. To ensure your loved ones are protected exactly as you intend, it is vital to review your Will periodically.
Here are five key moments when you should pick up the phone and schedule a review of your estate plan.
1. Marriage, Separation, or Divorce
Relationships are the biggest driver of estate planning changes. In Victoria, entering into a marriage generally revokes an existing Will (unless it was made in contemplation of that marriage). Conversely, divorce can revoke clauses relating to your former spouse, but separation does not. If you have recently separated, updating your Will is critical to ensure your assets don't unintentionally pass to an ex-partner.
2. The Arrival of Children or Grandchildren
Welcoming a new family member is a joyous occasion, but it also brings new responsibilities. You may want to include new beneficiaries, set up a testamentary trust to protect their inheritance, or appoint guardians for your minor children. Ensuring your Will explicitly names all the children you wish to benefit is the best way to avoid ambiguity later.
3. Buying or Selling Significant Assets
If your Will leaves specific gifts (like a property in Mount Eliza or a specific investment account) to a beneficiary, but you have since sold that asset, that gift will fail. Similarly, if you have acquired significant new assets or business interests, you need to ensure your Will—and your Powers of Attorney—are structured to handle them tax-effectively.
4. Changes to Your Executor or Beneficiaries
Time takes a toll on everyone. The person you appointed as your Executor ten years ago might no longer be willing or able to take on the role due to age, illness, or distance. Sadly, beneficiaries may also pass away or your relationship with them may change. Reviewing your appointments ensures the right people are in charge when the time comes.
5. Financial or Legal Changes
Tax laws and superannuation rules change frequently. A strategy that was tax-efficient a decade ago might now result in an unnecessary burden for your heirs. Our team stays up to date with the latest legal developments, like the recent changes to probate fees and land tax—to ensure your estate plan works as hard as you do.
We Are Here to Guide You
Thinking about Wills and Estates can be daunting, but you don't have to do it alone. For over 40 years, Lardners Solicitors has been walking with families in Mount Eliza and beyond, providing the empathy, compassion, and expertise you need to plan for the future.
If you aren't sure if your Will is still valid, let’s have a chat. We can review your current documents and provide clear, honest advice on whether an update is necessary.
Click here to book a consultation with a member of our team.
