The Importance of Updating Your Will After Major Life Events
A will is a crucial legal document that ensures your assets are distributed according to your wishes after your death. However, simply having a will is not enough—keeping it updated is just as important. Major life events can significantly impact your estate planning needs, making it essential to review and revise your will regularly. Failing to do so may lead to unintended consequences, such as assets going to the wrong beneficiaries or legal disputes among family members.
Key Life Events That Necessitate Updating Your Will
Marriage or Divorce
In many jurisdictions, including New South Wales, marriage can revoke an existing will unless certain criteria is met. If you do not update your will, your spouse may not inherit as you intended, or previous beneficiaries may be unintentionally excluded. Similarly, divorce can affect provisions in your will, especially those related to your former spouse. While divorce does not automatically revoke a will, it may alter the distribution of your assets and the appointment of executors.
Birth or Adoption of Children
When you have children, whether by birth or adoption, it is crucial to update your will to include provisions for their care. This may involve appointing a legal guardian in case of your passing, ensuring that your children receive a fair share of your assets, and setting up trusts for their financial security.
Significant Changes in Assets
If you acquire new property, sell existing assets, or experience substantial financial changes, updating your will ensures that your estate plan reflects your current holdings. Without adjustments, your estate may be distributed in a way that no longer aligns with your wishes.
Death of a Beneficiary or Executor
If someone named in your will, such as a beneficiary or executor, passes away, it is necessary to update your will to reflect these changes. Otherwise, your estate may face legal complications regarding how the assets should be distributed or who will manage your estate.
Relocation
Laws regarding wills and estates vary by jurisdiction. If you move to a different state or country, your existing will may not be fully enforceable under the new legal system. Reviewing and updating your will ensures that it complies with local laws and that your estate is handled according to your intentions.
Methods to Update Your Will
Drafting a New Will
Our preference is to draft a new will rather than using a codicil. A new will provides clarity, reduces the risk of contradictions, and avoids potential disputes. When multiple codicils are added to a will, they can create confusion or inconsistencies that may lead to legal challenges. By drafting a new will, you ensure that all instructions are consolidated into a single, clear document, making it easier for executors and beneficiaries to understand and execute your wishes. Furthermore, a new will eliminates any outdated provisions that may no longer be relevant.
Adding a Codicil (Not Recommended)
A codicil is a legal document used to make minor amendments to an existing will without drafting an entirely new one. However, we do not recommend using codicils due to their potential to cause confusion, misinterpretation, and complications during probate. Additionally, codicils must follow the same legal formalities as a will, meaning they require witnesses and proper execution, which can lead to unnecessary administrative burden.
Consequences of Not Updating Your Will
Failing to revise your will after significant life events can lead to unintended beneficiaries, family disputes, and legal challenges. Regular reviews and updates ensure that your estate is managed and distributed according to your most recent wishes.
By keeping your will up to date, you can protect your loved ones and ensure that your estate is handled smoothly and in accordance with your intentions.
Need Help Updating Your Will? Contact Us Today
At Basran Lawyers, we specialize in wills, estate planning, and probate services. If you need assistance updating your will or creating a new one, our expert legal team is here to help.
📞 Call us at (02) 9602 7858
📧 Email us at: info@basranlawyers.com.au
🌐 Visit our website at www.basranlawyers.com.au
Ensure your wishes are legally protected—contact us today to schedule a consultation!