Most people do a Will and never think about reviewing it or changing it. However, you should regularly consider whether your Will suits your current circumstances. As your life changes your Will should to.
There are several instances when you should consider updating your Will and we will summarise these below:
Marriage
If you have married since your last Will, then you need to do a new Will. Upon marriage your current Will is automatically revoked unless there are specific provisions in your Will that state that your Will is not automatically revoked upon you marrying your spouse.
If you do not do a new Will following your marriage, then your estate will distributed in accordance with the Administration Act and may not be distributed how you wished it to.
Separation
If you and your spouse or civil union partner have separated since your Will was created, then your current Will is still valid. However, if you have appointed your spouse or civil union partner to be your executor in your Will then they cease to be your executor and your back-up executor will be your executor. If you have no back-up executor, then one or all the beneficiaries will need to apply to the High Court to be executor upon your death.
If you and your de-facto partner separate, then your current Will also remains valid and your ex-partner will continue to be executor of your estate unlike if your marriage or civil union ends.
As your current Will is still valid on separation then your ex-spouse or ex-partner can still inherit under your Will.
Therefore, it is extremely important to update your Will on separation to ensure your spouse or partner does not receive any inheritance from your estate especially if you have finalised relationship property matters.
Death of executor
If your executor dies before you and you have no back-up executor in your Will, then you need to update your Will to appoint a new executor and we would recommend you also consider appointing a back-up executor at the same time.
If you have a back-up executor in your Will, then you may not need to update your current Will. However, it is a good opportunity to reassess who your executors and back-up executors are to ensure they are still appropriate. If your executors are becoming elderly, then it may be wise to replace them.
Children
If you have set up a Will prior to having children, then you will need to update your Will to include them as beneficiaries. If you do not update your Will and you die your children will not receive any inheritance from you. The only recourse they have, to potentially receive a share of your estate, is to make a claim against your estate under the Family Protection Act 1955.
In conclusion, it is very important to continually review your wills as your life circumstances change. If you do not, then your estate may not be distributed how you wish it to. Collins and May Law currently provide free wills and as such are happy to assist with updating your existing Will.
