Published 03 May 2018
Author: Garbis Kolokossian
A vital part of producing a Will is ensuring the details remain up-to-date. Once you have written and signed your Will, it legally remains in force until you formally change or revoke it, regardless of how your personal or financial circumstances change.
When would I need to update my Will?
Your Will only expresses your wishes at a particular point in time, so updating it regularly to reflect life changes is vital to ensure your estate is distributed in the way you want it to be.
The only situation which will automatically change the express wishes in your Will is in the case of marriage or divorce. Legally, you have to make provision for your spouse in your Will unless you agree otherwise in a Prenuptial Agreement.
Other situations which may lead you to change your Will include:
How regularly should I update it and how do I do it?
NSW Trustee & Guardian recommends you revise your Will with an expert solicitor once every five years at least - otherwise, it should be updated to reflect changes in your life such as the above.
Once a Will has been signed, alterations are not as easy as crossing out or writing in new sections, and any changes made like this will have no legal effect on the whole document. In order to make changes, you need to consider these options:
Before you make any updates to your Will, you should seek the advice of a Will and Estate Planning lawyer to make sure your wishes are followed through exactly how you want. For more information, contact Gerard Malouf & Partners Compensation, Medical Negligence & Will Dispute Lawyers.