Your will expresses your wishes at a particular point in time and does not expire or lapse. It is important to update your will regularly so that new circumstances in your life are provided for.
Did you know that certain life events may automatically revoke or invalidate your will? This is explained below.
Has your will been revoked or invalidated?
In some states and territories your will may be revoked wholly, or in part, if you get:
- married after signing your will; or
- divorced from your partner that you were married to at the time of signing your will.
If your will is revoked or invalidated due to a change in circumstance, your previous will or the law will dictate how your estate is dealt with.
Life events which may require you to update your will
You should update your will if:
- your family circumstances change, for example, if you get married, start a new relationship, divorce, separate, or have a child, grandchild or other person you wish to include as a beneficiary in your will
- your financial circumstances change (for example; retirement)
- a beneficiary under your current will dies
- an executor appointed under your will dies or becomes unsuitable to act due to age, ill-health or a change of preference
- you sell or give away assets that are specifically mentioned in your will (for example you sell or move house)
- you buy or inherit significant assets
- your will does not deal with certain assets, such as superannuation
- Do you know where your will is stored?
- Can you remember what your will says?
- Are your executors still able to look after your estate?
- Do you still want your named guardians to look after your children?
- Do your children now have children of their own?
As life changes, so should your will.