By Tracy Collins & Morgan Collens

Having a Will is essential for ensuring that your estate is distributed according to your wishes after your death. It is equally important to regularly update your Will to reflect any changes in your circumstances and/or intentions.

 

Legal Requirements for Updating a Will

Under the Wills Act 1997 (Vic), a Will can be altered through a codicil (a document that amends rather than replaces a previously executed Will) or by creating a new Will. Both methods require the same formalities as the original Will: the document must be in writing, signed by the person making the Will, and witnessed by two individuals who are not beneficiaries.

 

Life Changes Necessitating an Update

Several life events may necessitate updating your Will:

  1. Marriage or Divorce: In Victoria, marriage revokes a Will unless it is made in contemplation of that marriage. Conversely, divorce does not automatically revoke a Will but can affect the distribution of your estate, particularly regarding any bequests to a former spouse.
  2. Birth of Children or Grandchildren: The arrival of new family members is a significant reason to update your Will to ensure they are included as beneficiaries.
  3. Significant Financial Changes: Acquiring or disposing of substantial assets should be reflected in your Will to ensure your current financial situation is accurately represented, particularly if you have gifted specific assets to specific beneficiaries.
  4. Changes in Relationships: Alterations in your personal relationships, such as the dissolution of friendships or the death of a beneficiary, require corresponding adjustments in your Will.

 

Risks of an Outdated Will

Failing to update your Will can lead to unintended consequences, such as:

  1. Disputes Among Beneficiaries: An outdated Will can lead to conflicts among beneficiaries, potentially resulting in costly legal disputes and strained family relationships.
  2. Unintended Beneficiaries: Without updates, assets might go to individuals you no longer wish to benefit, while those you intend to provided for may be overlooked.

 

Practical Steps for Keeping your Will Updated

  1. Regular Reviews: It is good practice to review your estate planning from time to time, particularly when your circumstances change. We recommend reviewing your documents every three years.
  2. Clear Documentation: Keep a record of any amendments or new Wills, and inform your executor and close family members of the location of these documents.

 

If you are concerned about your estate planning arrangements, contact Nevile & Co today!

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.