Do you actually need a new will after a big life change?

A will is not a "set and forget" document. It reflects your circumstances on the day you signed it, and life tends to change. If your will has not been reviewed for a while, it may no longer match what you want.

Life events that should trigger a review

• Marriage. In NSW, marriage generally revokes an existing will, unless the will was made in contemplation of that marriage.
• Separation. Separation does not automatically change your will, so a former partner may still benefit until you update it.
• Divorce. Divorce generally affects gifts to a former spouse in your will, but it may not deal with every provision, such as appointments of executors or guardians.
• Children. A new child or grandchild may mean you want to change gifts, appoint guardians or create a trust.
• Blended families. If you have children from a previous relationship, a poorly planned will can lead to disputes.
• Significant changes in your assets. Buying or selling a home or business, receiving an inheritance or acquiring overseas assets can all affect your planning.
• The death or changed circumstances of a beneficiary or executor. If a person named in the will can no longer act or benefit, the will may not work as you intend.

Superannuation and jointly held assets

Some assets do not pass under a will. Jointly owned property usually passes to the surviving owner, and superannuation is generally paid according to a binding nomination or the trustee's decision, unless it is directed to your estate. A will should be considered together with these arrangements.

Don't overlook other documents

An enduring power of attorney and an enduring guardianship appointment should also be reviewed after major changes.

Claims against an estate

Eligible people who believe they have not been adequately provided for may apply for a family provision order, generally within 12 months of the date of death. Thoughtful planning, including clearly recording your reasons, can reduce the risk of disputes.

Make sure the new will is valid

A will must be in writing, signed by you and witnessed by two people at the same time. Errors in signing and witnessing are a common cause of problems.

Frequently Asked Questions

How often should I review my will?

At least every few years, and after any major life event.

Can I just change a few words on my existing will?

No. Changes should be made by a properly signed and witnessed codicil or, better, a new will.

Does a new will cancel the old one?

Usually, a new will contains a clause revoking earlier wills.

Where should I keep my will?

Somewhere safe, with your executor and lawyer knowing where it is.